Just a couple of years ago, people all over the world looked on in wonder at Dubai’s growth.  The country was booming, growing, and building, but they have fallen victim to the recent economic downturn just like everyone else.  The problem with living in Dubai though is that loan defaults are a crime.  An article on Minyanville.com, a money and life news outlet, talks about the situation in Dubai.

The article said of Dubai’s recent fall, “That renaissance has now ground to a virtual standstill, thanks to the same negative economic circumstances that have dragged down just about every other economy.  Foreigners are no longer swept up by the glitzy promise of Dubai.  An estimated 1,500 visas are being canceled each day in the city, and the total population is expected to decline by 8% this year by some estimates.”

As a reason for the population decline, the article went on to say, “Weakness in Dubai’s financial sector led to thousands of layoffs, which led to thousands of mortgage and loan defaults.  However, unlike the United States, defaulting in the Emirates is a crime, almost always leading to prison time.  It’s no wonder, then, that the suddenly unemployed tend to flee the country.  According to numerous published reports, approximately 3,000 cars that once belonged to foreign residents are now sitting abandoned at Dubai’s airport gathering dust, the Pompeii-like remnants of lives interrupted.”

Anyway, it is interesting how different things can be in other countries.  Hearing the stories of these unfortunate people losing their jobs can truly make you feel lucky.  In the United States there are long standing laws that give debtors and the unfortunate second chances.  It is proven that giving people second chances with their finances benefits everyone the most in the end.

If you are struggling financially, be thankful that you live in the United States, and then use the tools that are provided to you to get your second chance.  There is no better person to help you than a bankruptcy attorney, so contact one today.  You will be able to setup favorable repayment plans, or you can have debts completely wiped out.