Many Americans have been hanging onto their hope for little too long while trying to avoid filing for bankruptcy. Recently, we reelected the same president that seemed to have no financial experience and a way to turn the economy around. Many good hard working unemployed Americans have been kicking the can down the road too long and many were hoping for a change in the White House to shake up the economy and make things better. The bad news is, everyone knows that didn’t happen. Now instead of sugar coating this economy, people need a reality check and they need to take care of business before it’s too late. Over the recent years, the people have been hanging on to what the media keeps telling them that things are getting better. That’s a partial truth, they are getting better for the very wealthy. It seems that the middle class is going to be extinct in the next few years and a thing of the past. After this election, many companies announced large layoffs for 2013 and for those that believe things were turning around, surprise it’s not going to happen.Some people have burned through their 401K or IRA to keep things afloat, because they knew that job was just around the corner. It’s good to be hopeful, but it’s also good to be realistic. You can’t go through life wearing rose-colored glasses thinking everything is wonderful. Successful Americans know when to dive in and when to pull the plug. Big corporations and the very wealthy have no problem filing for bankruptcy to wipe out back debt from taxes or a bad investment. Currently, many corporations have had to file bankruptcy because they could no longer afford to pay lucrative employee contracts. When they file bankruptcy, they will let the bankruptcy judge assess the situation and force their unions into negotiating. When they do it, it’s smart business, when a consumer does it they are failure. It’s funny how it’s the same thing but the credit industry does a good job fooling consumers into believing it’s different.For someone that’s buried under a mountain of debt, their home is on the verge of foreclosure and they’re still hoping that things will get better, it’s foolish for them not to file bankruptcy and take the real thing. There becomes a point in time when it becomes foolish to continue kicking the can down the road and spending everything one has to pay creditors that most likely will end up on a bankruptcy discharge. Many people think they’re doing the right thing by holding off, but in most cases they will regret spending all that money that would be wiped out in the bankruptcy filing. The government keeps telling everyone that we need to borrow and spend our way out of debt. This is the craziest thing I’ve ever heard and from the way it looks the country is headed for bankruptcy also. When a person makes a decision to file bankruptcy, the only thing they ever feel bad about is not doing it sooner. The light clicks on and they realize all the money they wasted trying to avoid filing for bankruptcy.