From the world of sports comes an object lesson in financial planning. You may or may not remember the 2004 Athens Olympics. Greece spent around $15 billion USD staging these Games. Now, many of those once-shining venues are in serious disrepair. Eight years later, Greece’s financial crisis has reached epic proportions and led to the alarming rise of a new fascist party.
Are these two events (the splurging on the Games and the current political and economic problems) somehow related?
Many Americans have involuntarily done the same thing. Life happens, and we are often faced with staggering medical bills or other expenses. Even a brief job loss, or some similar dislocation, can cause even the most diligent consumers to fall behind on their monthly obligations.
If your bills vastly exceed your income, and you are starting to get those “past due” notices, it is probably time to consider a Chapter 7 bankruptcy. Chapter 7 can eliminate most or all of your bills in just a few months, giving you a fresh start.
If you have fallen behind on your mortgage or your car loan, Chapter 13 may be the answer. Chapter 13 can protect you from greedy moneylenders for up to five years, giving you a chance to catch your breath and catch up on your payments.
If you’re still feeling the hangover from your own 2004 Olympics and the vast debt that it spawned, call the law office of Henley and Henley for your free consultation.