Have You Already Gone Over the Fiscal Cliff?

by Peter Orville, Binghamton Bankruptcy Lawyer

December 30, 2012

cliffThe United States will go over the fiscal cliff tomorrow if Congress cannot come up with at least a short term solution. But what about us? Many of us have already gone over our fiscal cliff.  Even if Congress finds a way to avoid the country going over the cliff, it is unlikely they will help the rest of us solve our financial distress.

Consumerism is what makes our national economy grow and thrive. But consumerism, especially when put on credit cards, has resulted in an over-extension of millions of family’s household budgets. Some of us have tried to extend our debt ceilings only to find that the credit card companies are less likely to extend us more credit.

For many of us, however, going over our fiscal cliff had little to do with overextending our use of credit cards. Instead we couldn’t keep up on our basic expenses as a result of job loss or reduction of hours, a health care crisis, or the rapidly rising cost of living.

Whatever the reason for financial difficulty, you should look for both short-term and long-term solutions. This is where bankruptcy comes in.

For the short term, filing bankruptcy will immediately stop the phone calls, wage garnishments, and threats of repossessions or foreclosures.

For the long term, bankruptcy can give you a fresh start. A new beginning which will allow you to live within your means and begin to rebuild your credit.

An experienced bankruptcy attorney can help you to see if bankruptcy would be an option for you.  They can explain whether a Chapter 7 or Chapter 13 would be appropriate, and, if so, when would be the best time to file.

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Peter Orville is a bankruptcy lawyer in Binghamton, located in the Southern Tier of New York. He is a member and New York co-chair of the National Association of Consumer Bankruptcy Attorneys.

Last modified: January 6, 2013