1 out of 53 Americans filed for bankruptcy during the year 2005.*
This is a staggering figure. Despite rosy statements from the politicians, the sheer number of bankruptcy filings does not point to a robust, healthy economy. Translated, the numbers show that over 2.04 million people filed for bankruptcy protection in 2005. The new bankruptcy reform bill, which went into effect on October 17, 2005, accounted for an increase in filings. Nevertheless, trends indicate that consumers are in financial trouble and their credit is in jeopardy.
If you filed for bankruptcy, rest assured that you are not alone!
One of the most taxing questions on debtors' minds is "What's next?" Is it possible to purchase a home? How about a car? And what about credit cards to keep on hand for emergencies?
Fortunately, there are resources available from lenders willing to work with people who have experienced hard times. It is also possible to have your credit report cleaned up so that your negative bankruptcy item is removed.
Bankruptcy is supposed to give you a fresh start. Please empower yourself with the information, tips and resources we have provided.
