Are You Ready for the Fiscal Cliff?

December 11, 2012

Tax increases are likely coming, one way or another. And if Republicans in Congress and President Obama are unable to reach an agreement to avoid the so-called fiscal cliff, the combination of tax increases and benefit cuts could be severe. Are you ready for the financial world you’ll find on January 1, 2013?

 

The fallout from a fiscal cliff isn’t simply financial, but economic. Not only may you face a higher tax bill in 2013, but many economists worry that legal changes at the federal level could have major effects in the broader economy. A renewed recession may result in reduced consumer spending, revenue shortfalls, and, ultimately, job losses.

 

Are you prepared for a reduction in your earnings or a job loss? Do you know how you might be affected if interest rates rise, as some financial advisors predict, in the months to come? Bankruptcy or a managed financial restructuring may be necessary solutions.

 

Personal bankruptcy isn’t the end of the world. In fact, in many ways it’s more helpful to think of a Chapter 7 or Chapter 13 bankruptcy for what it is: a fresh start. By wiping excess debt off your family’s budget, you can begin to make meaningful strides toward a brighter and more hopeful financial future. Yes, it’ll take time, but you can do it.

 

Ready to prepare the bankruptcy plan you may need to execute? Talk to the attorneys and dedicated professionals at Fears Nachawati today. With years of experience and expertise, we know how to protect your rights and advance your interests.

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