How Bankruptcy Could Assist You Despite Congress’s Budget Gridlock

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On Friday, April 8th, President Obama and Congressional leaders met in an emergency session to decide whether it was necessary to bring about a financial shutdown that could have resulted in the temporary closure of many government entities due to overspending and a substancial lack of funding. They agreed upon a decision narrowly ahead of the midnight deadline and were able to avoid what could have been a catastrophic idling for the IRS, the military, and multiple other sects of the government over the following six months.

Though a decision was reached, and all sections of the government are still in operation, this presents multiple larger problems for the globe’s last remaining superpower. Congress will need to pass an increase to the Federal Debt Limit in the next month, which is currently $14.294 trillion, or risk defaulting on interest payments on the nation’s enormous debt.

This would affect unemployment, welfare, social security, and even tax refunds, among multiple other assets. For multiple Americans who are already dealing with stressful situations at home, the added strain of government collapse is something that people are not prepared to handle. Consulting a Woodland Hills bankruptcy attorney could be a good option to explore if you are one of the many individuals are trapped under a mountain of debt.

If you are relying on unemployment or social security, and are still having a tough time staying above water, then you will surely need another option, and bankruptcy can still provide that for you. In case of more detrimental setbacks in the future, bankruptcy could be the best way to eliminate or at least get a grasp on your debt, though it is a serious decision. A Tarzana bankruptcy attorney can assists you while there is still time to explore what choices you might have, because in these troubling economic times, no one wants to be confronted with the possibility of losing all they’ve worked for.

As this situation escalates, in the next month, and as more information becomes attainable, more people are going to want to explore their possabilities and find out how they can continue to provide for their families in the event of a large government financial implosion. The first step to ensure your financial survival is being educated and aware of what you can do.

There are various moving pieces involved, and when you’re trying to juggle work, family, and other responsibilities, consulting an attorney can be an essential resource to deter any added hardship. Even if the government starts to shut down, it’s up to you to be sure that your family has what they require to get by.

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