One reason many people in financial trouble try to avoid filing for bankruptcy like the plague is because their lack of knowledge. In the recent years, the US has seen a large number of Americans filing bankruptcy to eliminate debts, stop foreclosure and just get back on their feet. Unemployment now continues to stand at around 8% and it doesn't look like it is getting much better anytime soon. Many people are kicking the can down the road as they continue to borrow as much money as their creditors will allow them. A large group of the middle class is now borrowing to pay debts that they will never be able to pay back. The average debt to income ratio of the middle class is now 154%. At some point in time, the interest alone will force them into bankruptcy filing. They are doing nothing more than robbing Peter to … Read More

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