America has been scrutinized in the past for its mechanisms for clearing its debts. However, the recent wave of bankruptcies and foreclosures are beginning to payoff in America with a recent growth in both consumer and business confidence. Although bankruptcy is a scary thought, America’s bankruptcy courts provide a clean slate for both creditors and debtors. Due to America’s bankruptcy and foreclosure systems, American’s have cut their total outstanding debt levels by more than $1 trillion since the housing crisis of 2008.
Many other countries, particularly European countries, do not operate in this way. In 2011, 1.36 million Americans filed for personal bankruptcy. That is approximately 450 per 100,000 people. A study compiled by a German debt management company showed that in Germany, France, Austria, Finland, the Netherlands and Spain approximately 96 per 100,000 people filed for personal bankruptcy. Unfortunately, these numbers are not the reflection of a better economic environment; it is because many Europeans do not have the option to have their debts cleared.
To read more on this story visit: http://www.marketwatch.com/story/why-a-flood-of-bankruptcies-are-good-for-america-2013-02-06
If you have any questions on this topic or are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.