Yesterday, I was watching the news and noticed that once again Burt Reynolds is making headlines for his finances. In the 1980s Mr. Reynolds had to declare bankruptcy. He cited his divorce from Lonnie Anderson, lack of movie roles, and bad investments on his part as reasons for filing bankruptcy. Many people could choose to look at this most recent foreclosure news as being indicative of “more of the same” financial management. Not this Sacramento bankruptcy attorney. I’ve seen the numbers on foreclosures. I read the financial times. Right now, those that aren’t struggling financially are the rarity.
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Salaries of the “average Joe” (as opposed to former movie icons) have either dropped off or have stagnated in the past seven years. While the government has touted the “new” jobless numbers as some sort of positive sign, the truth is that a) the numbers of new jobless are still extraordinarily high, and b) the numbers of long-term unemployed are staggering. People can’t get jobs when they’ve been unemployed long-term because of social stigma and that oh-so-important FICO score. When you get behind on bills because you’ve lost your job, your credit drops. Credit ratings are becoming part of hiring processes, which is highly ironic given that without a job you can’t pay bills, ergo you cannot get a job that could help you improve your credit rating. Without a good credit rating all of your unsecured loans rise in interest rates, meaning you owe more money each month with less ability to pay—it’s a downward spiraling cycle that no one in government wishes to address at the moment. The fact that there isn’t a giant leap in bankruptcy filings to prevent foreclosure or reboot financial standings is just amazing to me.
I’m a Sacramento bankruptcy attorney because I actually wanted to do something good with my law degree. I see helping people prevent foreclosure and get a fresh start that comes with bankruptcy as a social mission. Corporations got bailouts. Did you? No. Financial institutions got bailouts (that they didn’t turn around and share with you). Did you? No. Where is your bailout? Who threw you a lifejacket? Now, I don’t know exactly why Burt Reynolds is facing foreclosure. What I do know is that he is not alone in that problem. Far, far too many people are looking at foreclosure notices these days. What I can say is that this Sacramento bankruptcy attorney is willing to help you prevent foreclosure by filing Chapter 13 or enlist other measures in the fight to help you keep your home. Call or stop by today to talk. I guarantee that you will receive kindness and compassion in my office, and you will leave with knowledge that will help you feel more in control of your own situation.