The Washington Times reports that this year’s White House budget projects that the national debt will top $15 trillion in 2011, equaling the size of the entire U.S. economy. By the end of the fiscal year on September 30, the national debt is expected to be $15.476 trillion, or 102.6 percent of the U.S. Gross Domestic Product. The Obama administration also projects that the U.S. debt will jump to nearly $21 trillion in the next five years.
Clearly the budget is out of control. Does that sound painfully familiar?
While the national debt may continue to soar, you have options to regain control over your personal finances. Certain warning signs may be telling you that it is time to consult with a bankruptcy attorney, for instance:
- If your family is running in the red month after month.
- When your unsecured debt is equal to or exceeds your yearly income
- If you expect your total debt to continue to escalate year after year
Bankruptcy provides a chance to stop the financial hemorrhaging and to control your debt. A Chapter 13 bankruptcy can provide three to five years of orderly repayment of debt under court supervision. A Chapter 7 can discharge the debt for good within just a few months. Most Chapter 7 debtors pay nothing to unsecured creditors. Most homeowners who file bankruptcy are able to keep the family home, cars and other secured property.
Every individual’s case is different and the guidance of an experienced bankruptcy attorney is needed to explain your legal options. When a financial band-aid simply isn’t enough, consider using the power of the federal bankruptcy laws to protect your property and eliminate your debt. Call today and discover how you can control your debt and forge a better financial future for your family.
Fears & Nachawati Personal Injury Law Offices