For the first time in decades, governmental agencies are making "deep job cuts" as reported in the Daily News on July 4, 2010, distributed in Los Angeles. As also reported, public employees should brace themselves as the job cuts could worsen in the second half of the year. Not only are the government agencies cutting jobs but also reducing salaries.
With the reduced income, many families cannot meet their obligations which were based on a higher expected income. Bankruptcy provides relief for these families. A single gentlemen, in trying to raise three children, just filed for bankruptcy. In addition to income reduction, the children's mother had stopped making child support payments. So his income got reduced two-fold.
Fortunately, as we look at Independence Day, our US bankrutpcy laws provide independent relief for bankrupt families. By filing bankruptcy, you can again build your credit rating and start life anew. Without filing for bankruptcy, you are reminded daily by collection callers who harass you for payments you cannot make. Bankruptcy stops those calls dead in their tracks.
There are many provisions in bankruptcy law. You are wise to secure a bankrutpcy attorney who can assist you through the maze of bankruptcy law and procedures to save your home from foreclosure as well as other properties .
-RoseAnn Frazee
Pasadena and Los Angeles Bankruptcy Attorney
