Since around 2010, the government has added trillions of dollars to add liquidity to markets in hopes of some form of economic recovery. What is scary is that this money was not real money that they had in their coffers, but money printed out of nowhere in the form of quantitative easing. Most Americans don’t understand what quantitative easing is, but simply put it is nothing more than making money that is not backed by anything. In essence, it devalues every dollar we earn. The Federal Reserve admits to increasing the money supply 20 times, so if I have the math right, every dollar in my pocket is now only worth a penny. The media has been beating this full recovery drum when in reality millions of jobs are leaving. In fact, this actually started in 2000 when American corporations began moving all of their manufacturing overseas. That’s when the US economy became driven by debt and nothing else. We are no longer manufacturers of anything, but only consumers and that will only work as long as they continue to print money to give to banks to lend to consumers.
When looking at the unemployment figures, it is hard to believe that it is only 6.7% at the last check. You cannot collect and read financial documents without hearing about a major corporation that went bankrupt or the announcement of layoffs or the closure of numerous corporate locations. At the peak of unemployment a few years ago, the employment / population ratio was 62% and that’s when unemployment was above 10%. Now at 6.7%, that ratio is now 56%. Again, reviewing my math, that ratio should increase as the evidence points to the number decreasing. Obviously someone is cooking the books. The good news is that for all those who are struggling, filing for bankruptcy is still available. They just need to look for that ray of light in the bankruptcy cloud and see the bright side.
Historically, when the topic of filing for bankruptcy comes up, the only thing that really matters to you are the negatives. Rarely does anyone hear about the good things bankruptcy has to offer. If someone wants to hear good news on the subject, they should consult a bankruptcy attorney. A bankruptcy attorney will inform the individual about the automatic stay and how powerful it is. Automatic stay is established at the time of filing for bankruptcy and prevents creditors from collecting any debt. In fact, it is so powerful that it will stop all legal activity, including foreclosures, lawsuits, lawsuits, and wage garnishments. Creditors will no longer even be able to contact the debtor, as a result, debtors will enjoy the peace of mind of not worrying about who is on the other end of the phone when it rings.
The second most positive benefit of filing for bankruptcy is the discharge of bankruptcy. Discharging bankruptcy is the secret that creditors do not want the debtor to know. Creditors want people to believe that filing for bankruptcy will destroy their life. This is why there is so much negative information online. Debt collectors will do anything to dissuade someone from filing bankruptcy because they know that once the person files, they will no longer be able to call the person and when the bankruptcy discharge comes they will receive nothing. When you file for Chapter 7 bankruptcy, all unsecured debt is completely eliminated without any refund. When it comes to Chapter 13, the debtor and their bankruptcy attorney must present a workable payment plan to the bankruptcy court. In Chapter 13 bankruptcy, debts are paid off by priority and policyholders get their first shot at the cash. Typically, very little will be paid for unsecured debt and any remaining amount will be included in the bankruptcy settlement at the end of the repayment plan.
The truth is that there is no economic recovery that the media is talking about and people must be proactive in seeking the truth. When things don’t add up, take the talking heads at face value and understand who they work for. Many Americans are beginning to realize the truth, as it is becoming quite difficult to cover up the non-existent recovery when more than 50 million people receive food stamps and many move home with their elderly parents because they cannot maintain a roof over their heads. their heads.