Finances can get out of control for everyone; even the high rollers.
Even if you make money hand over fist, or made money with ease at one time, this isn’t to say that sometimes things happen and finances just get out of control. It happens; to everyone. Consider the story of a man who boasted that he was the world’s top, numero uno real estate agent. At one time, he supposedly had over $2.5 billion in sales over a six-year period. He declared bankruptcy. He was knee deep in the boom times of real estate and had everything a person could possibly want, and then the balloon popped.
The real estate mogul found himself over $50 million in debt and tried selling some of his assets, but only garnered roughly $2.4 million. It wasn’t much, but it was a start, and he thought maybe he could still make ends meet, until his wife filed for divorce. That was the end of his rope. The scenario happens to millions of Americans every day; the millions trying to get from point A to point B and survive.
Bankruptcy can and does happen to anyone. No one is immune when the conditions are right for financial collapse. Circumstances in a person’s life tend to dictate how things will go financially, and if someone is struggling with paying their bills and they lose their job, get ill and need extensive, expensive medical care or their spouse files for divorce, things can tank just about over night. It’s no one’s fault that these things happened; they just did, because that is life.
Another nugget of truth to take from this story is that the real estate market is still shaky, and there are hundreds of thousands of foreclosures making their way through the system, even as you read this article. What does the future look like? Who knows. What will happen, will happen. Those stuck in the middle of the morass can only ride it out and see what happens when the dust settles.
In 2010, foreclosures hit the 1.05 million mark. Twenty six percent of all the homes sold last year were foreclosures, and things are looking about the same for 2011. What’s scary is that nearly 2.9 million homeowners got foreclosure notices in 2010. There may be more in hot water this year, judging from the present state of the economy.
The fact is that the economy is bad and in tough times, things get rough. Riding it out is even tougher and many people may need to contemplate bankruptcy to see light at the end of the tunnel. For help figuring out what your options are, call an experience Iowa bankruptcy lawyer. Your finances could fall flat anytime, no matter who you are, what kind of education you have, whether or not you are making lots of money, or very little. Bankruptcy is the grand leveler of all who dare to stand in its way.