It would be untrue to say that every single bankruptcy is caused by sudden changes in life, like medical emergencies and divorces. Some of the bankruptcy cases filed every year are those which could have been prevented, but we do not judge because we understand that timing plays a role in every bankruptcy filed.
You may wake up one morning and make a determination to start working on the large stack of bills, then when you get to work you receive a layoff notice. Now it is not only impossible to pay off your bills but just making it day to day can become a struggle quickly. This is very poor timing, and a common reason for bankruptcy filings by individuals and couples.
If you had never accrued the large stack of bills then the loss of your job and income would not be as hard to take, and your future would not be so bleak. The answer is to simply your life, and while this may seem too simple to work you will find that simplifying your life is effective and can be done. Most people look towards the next big purchase, like a new car, when you should be trying to eliminate unnecessary expenditures and make your life easier financially. New research was cited in an article by the New York Times which shows a life that is less complicated is a happier one. The research cited was conducted by Leaf Van Boven and Thomas Gilovoch at the University of British Columbia. Most people in the USA define true happiness in terms of life experience instead of possessions and material things.
A common reaction when additional money is available is to spend the funds and splurge on something new and shiny, typically something that is not truly needed. A new couch or television set will eventually be discarded, but a family vacation or camping trip provides memories that will last a lifetime.
The idea of simplifying life is more popular now because of the recent recession, and this could be a positive sign for the USA even though the economy depends on consumer sales and business success. The economy may adjust in the near future because of the popularity that simplifying life has seen, and the adjustments made will reflect the current consumer choices.
There are signs that simplification is happening. The number of new homes sold across the nation is down significantly, which shows that many people are not moving or choosing to upgrade, and the amount of credit card debt is lower than it has been for many years. The lower credit card debt is partially due to creditors refusing to extend credit and bankruptcy filings, but this is still a positive trend.
Many people who have had to file for bankruptcy may have been able to avoid this step if an effort was made much earlier to simplify life. People have a tendency to do what everyone else does though, and this has created a system where material things and spending are considered essential. Keeping up with the neighbors next door or your co-workers can quickly spiral out of control before you know it, but you should not place blame because you want a lifestyle that is comfortable. Learning to live with fewer material things and focus on quality life experiences can be scary at first, but over time you will find life is happier and fuller than before. One way to simplify your life is to take control of your debts and get your financial house in order.
The bankruptcy attorneys at Richard West Law can help provide a free debt consolidation 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.