Most people feel little sympathy for bankers and other high earners who suffered during the recent recession. This is the case because less than 1 percent of the population of our nation earns as much as the average $370,000 salary of a Wall Street banker. However, one recent report notes that some in high income positions have suffered in ways that may be familiar to readers in California. As a result of the recent recession, they are also looking for ways to achieve debt reorganization and financial relief.
Debt reorganization and relief may also be on the mind of some in California who have accumulated high credit cards and loan debts as they work to pay for their monthly expenses. Taking out these sorts of debts became more common as the recession continued to take its toll on jobs and real estate values. Many have found debt relief through the personal bankruptcy process.
When an individual files for a personal bankruptcy, they are often able to discharge many, if not all, of their unsecured debts. This can mean that they are free to use their income to pay for living expenses rather than to service debts that they may have little hope of ever repaying. In addition, during the bankruptcy process some find it beneficial to finally be free of creditor collection efforts.
Seeking ways to obtain debt reorganization and relief can lead to many options. This is true regardless of whether a person is a high income earner from Wall Street or another, less affluent individual. For some, filing a personal bankruptcy can be the best choice because of the benefits and stress relief that it can provide.
Source: policymic.com, "Sometimes $1 Million Just Isn't Enough," Swathi Nallapa, May 2, 2013