Metropolitan areas with high costs of living are usually associated with higher incidents of unemployment, mounting personal debt, and foreclosures. It makes sense because populated areas are where industry typically grows, and during times of economic downturn, such areas suffer a higher impact per capita in the course of layoffs, downsizing, and businesses closing their doors altogether. In recent times, we've seen steep rises in crime, unemployment, and poverty level thresholds in such previously prosperous metro areas such as Detroit, Atlanta, Boston, Dallas, and Miami, among others. In some cases, entire regions or states are encumbered by higher costs of living, resulting in widespread impact during a recession.
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For example, New York is one of the most expensive locations to live in 2009 in the United States. With the unemployment rate reaching an all time high of 7.2% in the past 16 years, it's no wonder that more and more people are at their wits end and turning toward bankruptcy in the Big Apple. If an individual has been beaten down by constant debt collectors hounding their every step and the stress of watching surmounting bills pile up, consulting an attorney specializing in personal bankruptcy is the wisest course of action.
Unfortunately, private citizens don't have the luxury of a personal government bailout to keep them afloat like major U.S. corporations and banks received under the Bush administration. An attorney is the next best thing to help minimize or even eliminate most of the heavy debt that families or individuals have accrued. There is a lot more to lose though if declaring bankruptcy is not done properly.
It is very possible to keep one's vehicles and home while still eliminating most of the debt that they have ended up owing through bankruptcy. Chapter 7 bankruptcy and chapter 13 bankruptcy are very different in nature. Only an attorney experienced in both will be able to show an individual which type will be best or even possible. Chapter 7 bankruptcy eliminates completely much of the debt incurred by credit cards, utilities, certain loans, foreclosures, and more. Chapter 13 bankruptcy can merely consolidate and reduce the debt down to manageable monthly payments.
The complete advantages to each are not openly apparent and recent bankruptcy laws have changed to prevent abuses. By consulting with an attorney one is assured of having expert guidance to rely upon without blundering into a worse situation. Consultations are usually free so there is no cost to explore one's options. This is the best step to take when mired in the debt and despair that grips much of the country.
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