According to President Obama the latest financial reform bill passed by Congress is the toughest set of financial reforms since the Great Depression ended, and many view this bill as a strong one. In fact many experts were surprised at the strength that the bill actually has, and comment that consumers across the USA will be better protected from lending practices which are predatory or abusive in any way. These practices are the same ones held responsible for starting the economic and financial problems the United States is still struggling with today. The number of bankruptcy cases for individuals, married couples, and even small businesses has been staggering in the last few years as families and small business owners struggle just to stay afloat.
Some experts believe that the financial reform bill is adequate but others argue that this should be the first step of many, to avoid any future recessions that affects millions of Americans. A number of experts believe that financial collapses will happen regularly and can not be avoided, but these collapses are devastating to a majority of Americans on every level. This latest recession and economic downturn has caused millions of individuals to become unemployed, many lost all of their retirement savings, and the number of home foreclosures have been at record highs. The housing and employment markets are tanked and many are turning to bankruptcy as the only solution available for debt relief. These are people who have always paid on time and suddenly can not make ends meet.
The economic downturn was especially hard on Ohio and the residents of this state. High unemployment and foreclosure numbers tell the story of the struggle to survive through these tough times. The financial reform bill is intended to prevent this in the future, but it is still too soon to tell if this bill will help Ohio or not. If you find yourself struggling to pay your bills or make ends meet there is help and solutions available. Debt consolidation and bankruptcy can both stop your financial struggles and help you get back on your feet.
The bankruptcy attorneys at Richard West Law can help provide a free debt consolidation or bankruptcy consultation to help you find the right answer for your unique debt problems and circumstances. Visit https://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.