Bailout – Where’s Yours?
| November 30, 2011 | Posted by Monica D. Shepard, Esq. under Bailout, Bankruptcy, Videos |
In economics, a bailout is the act of loaning money to a company, a country, or an individual that is in danger of financial ruin in an attempt to save it from bankruptcy. As you all know in 2008 the United States chose to in debt U.S. taxpayers to the sum of $700 billion dollars by bailing out the banking system. The measure paved the way for the government to start buying up troubled assets from financial institutions The fear was that the banks in question were “too big, to fail” and if they were not bailed out unemployment would rise, food and gas prices would inflate and people would have some of the toughest economic times in decades. Well, the bailout took place and obviously the banks are doing fine. The profits rose to RECORD numbers AND Bankers Dole Out MAJOR bonuses to THEMSELVES
But guess what? Unemployment STILL rose, food and gas prices have STILL inflated and people are STILL living in some of the toughest economic times in decades.
Everyday people aren’t considered “too big, to fail” and sadly there is no monetary windfall in sight. Many Americans are STILL living paycheck to paycheck (those are the one who are lucky enough to STILL have a job). While the large financial institutions (who were hugely responsible for causing this economic mess) had a safety net, most everyday people do not.
While the options may be slim…oftentimes there ARE options. Filing bankruptcy may be a viable option for you to restructure your finances and have a relief from threat of lawsuits and pesky debt collection calls. While it is not the right course of action for everyone, it is advisable to at least speak with a knowledgeable Florida bankruptcy attorney to plan your next course of action. Something has to give and in these tough economic times, bankruptcy may be the closest thing to a financial bailout a consumer may have.
For a clearer (and rather amusing) explanation of the bail out …see below.
This post is part of The Bankruptcy Alphabet Series.
For other variations on the letter “B”, visit the following links:
B= Bank Account- Jay S. Fleischman, New York City Bankruptcy Attorney
B = Bank Account Levy- Raymond Kempinski, Philadelphia Bankruptcy Attorney
B = Business Debt- Rick Palmer, Newnan, GA Bankruptcy Attorney
B = Business- Cathy Moran, Northern CA Bankruptcy Attorney
B = Bankruptcy Petition Preparers- Robert Doig, Colorado Springs Bankruptcy Attorney
B = Buy Low, Sell High- Bill Balena, Ohio Bankruptcy Attorney
B = Business Bankruptcy- Christopher Carr, Philadelphia Bankruptcy Attorney
B = Best Interest- Stuart Ing, Hawaii Bankruptcy Attorney
B = Borrow- Jeena Cho, San Francisco Bankruptcy Attorney
B = Bank Tips- Bret Nason, Platteville, WI Bankruptcy Attorney
B = Beware- Cate Eranthe, Marin County Bankruptcy Attorney
B = Bad Faith Filing-Dorota Trzeciecka , Surfside, FL Bankruptcy Attorney
B = Business Bankruptcy- Mark Markus, Los Angeles Bankruptcy Attorney
B = Budget- Athena Inembolidis, Columbus, Ohio Bankruptcy Attorney
B = Best Efforts Test- Nancy Martin, St. Louis Bankruptcy Attorney
B = Bankruptcy- Chris McAvoy, Taylor, Michigan Bankruptcy Attorney
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