Moving into the twenty first century, many Americans arent sure of what to expect. Many businesses have begun to outsource labor to Mexico and India. With the loss of jobs comes unemployment to the employees. Most people caught up in a companys decision to search for lower waged employees cannot find suitable jobs in the same geographic area in which they live.
They have worked at a job for many years and had higher wages. Finding new work with the higher wages is almost impossible. This can begin to have a financial impact on the family and having bill collectors call only adds to the already stressed out situation. One option that people may decide on is choosing to file one of the types of bankruptcy. For the homeowner there are two different types of bankruptcy.
One is called chapter seven, and the other choice is called chapter thirteen. Chapter seven bankruptcies allows the debtor to erase all debts owed while letting people keep the house and cars if they desire. This can really take the burden of debt payments away which in turn takes away much of the stress that the people were under. The only payments that the people will have to pay are...
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