Filing Bankruptcy Because You're Living like a Rock Star

One thing most Americans have in common is that they are living beyond their means. In the past, our grandparents saved and saved to take that once-in-a-lifetime occasion or to buy that color television that the family wanted. No one even considered taking out any kind of credit to buy something that was unnecessary. The only debt most people had back in the 1960s was a home loan. Back then, tract houses went for around $15,000-$20,000, compared to the average home of today being close to $200,000. This isn't even considering what prices were back in November, 2007, where the average home price in the US was $316,000. Now, to qualify to purchase a home both parents will be required to work just to afford the mortgage. It's really no surprise to see the numbers of Americans filing Bankruptcy or losing their home to foreclosure with these unreal debt ratios.

In today's society, all it takes is one person to lose their job and everything will start spiraling out of control.

Most Americans have pushed themselves to the brink of financial ruin to live like the rich and famous. They believe that as long as they have available credit, they must be able to afford it. There used to be an old joke going around about the dumb blonde that kept writing checks because there are more checks in her checkbook. The jest of it is, she didn't even consider making sure there is enough money in the bank account. This is kind of the way that the young adults of today run their finances. Right out of college they need to wear designer clothes, lease a yuppie automobile, like a Beamer and own a home. The house can't be just a regular tract home either, it will need hardwood floors, granite countertops and a pool to boot. This brings to mind when my grandparents used to use the old phrase ?keeping up with the Jones?.? Creditors want consumers to believe that it's better to buy it now and pay for it later, then it is to save up for anything. With this rationale, the only career college students should be looking into is that of a bankruptcy attorney. Our society is heading south and spending ourselves into oblivion.

As a country, if our role model is the United States government, it's no surprise that 1.5 million people every year are filing bankruptcy. And if trends continue like expected, these numbers will only continue to rise. People need a reality check and realize they can't afford to live like a rock star on their income. There is a way out there will take a little bit of pain, but some of the best lessons learned are painful. When times get tough, one shouldn't bury their head in the sand but face it head on and immediately consult a bankruptcy attorney to see if a bankruptcy filing might be in their future.

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