The world is awash in a sea of debt. People, companies and even nations are caught in a borrow-and-spend cycle that results in ever-increasing debt loads. For consumers, the path to insolvency often begins at a young age as they grow up witnessing their parents struggle with money. An endless stream of advertising reinforces the idea that everyone has debt and that buying on credit is a normal and acceptable activity. Low credit? No credit? No problem? Debt consolidation? Yes!
In offering advice on how to break the cycle and recover, this article acknowledges that bankruptcy can provide a fresh start, but warns that it can be similar to debt consolidation by simply marking the beginning of a successive wave of new debt. This can certainly be true, however there is an upside of filing and most certainly life after bankruptcy. An attorney at The Sader Law Firm can explain the effects of bankruptcy and the steps you can take to rebuild your financial life following it. Call us today for a free phone consultation at 816-281-6349.