TAKE ADVANTAGE OF YOUR OWN FINANCIAL BAILOUT TODAY
by Donald A. Hayes, Attorney at Law
For many Americans the equity in the family home used to be an easy source for borrowing to pay for unexpected medical bills, pay for a divorce, or to help survive a job layoff. Since the housing bubble has burst, leaving little or no equity in most homes, many people have found that they have no source to tap into in times of catastrophe. As a result they most often find themselves in overwhelming credit card debt paying double digit interest rates.
Congress has reneged on its promise to use some of the 700 Billion dollar bailout package to render assistance to homeowners in trouble. Instead all of the bailout money which has been given has gone to major banks, insurance companies and financial institutions and not individuals.
U.S. taxpayers were told the $700 billion financial-system bailout would create jobs by helping the economy; it didn’t. Instead, Bank of America which received $25 billion in bailout loans, spent about $7 billion to double its stake in a government owned foreign bank in China. Shocking!
While taxpayers were still absorbing the shock of having to foot an $85 billion bill (a tab that later grew to $144 billion) to bail out American International Group, executives at the insurer headed straight for the exclusive St. Regis resort in Southern California just days after their company got the money. The $440,000 tab for their eight-day stay at the Tuscan-style resort included $150,000 for meals, $23,000 in spa charges and $7,000 for golf outings.
For the average individual the only bailout they will ever see is in the form of bankruptcy relief. Bankruptcy enables good and decent hardworking folks to cut their financial shackles that threaten to forever bind them and also helps improve their credit score going forward. Upon emerging from bankruptcy, you will generally find that your credit score has improved just because you no longer owe such high credit card balances. Future creditors will start looking at your credit score going forward and will ignore what happened before you filed for bankruptcy relief. This is how the individual is able to obtain a fresh start.
If you find yourself swimming in a sea of debt or having to choose whether to pay your credit cards or your mortgage every month, it is now your turn to explore your own bailout.
