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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Bankruptcy may provide economic cleansing for America

South Carolina readers who are in serious financial trouble often consider various methods of debt relief. Many hold off on filing for bankruptcy due to the belief that their choice could have a negative effect on the wider American economy. Our nation is built upon a belief in the ability of individuals to forge ahead and weather adversity, and those traits are held closely by many.

A recent report, however, may offer a new perspective on bankruptcy and its effect on the American economy. It is suggested that as more individuals file for bankruptcy relief, the economy is experiencing a type of financial cleansing that is leading to renewed growth and consumer confidence. This approach asserts that the forgiveness of bad debt can actually help, not harm, the greater economic outlook.

The reasoning behind this assertion lies in a comparison between the American bankruptcy system and that in six European nations. Personal bankruptcies are far harder to obtain in these nations, leaving many foreign consumers saddled with excessive levels of debt and little recourse for relief. This has led to very slow economic growth and recovery, as compared with the pace of American progress on those same fronts.

When considering filing for personal bankruptcy, it is important to keep in mind that the elimination of existing debt will leave South Carolina consumers with more discretionary income each month. This is usually put back into the economy by way of increased spending, which drives a great deal of economic growth. In this way, the recent high levels of bankruptcy and home foreclosures may be behind the rebound of our economy.

Source: moneynews.com, "MarketWatch: Bankruptcies May Be Helping America Grow," John Morgan, Feb. 11, 2013

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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