Number One Reason to File Bankruptcy Is Not Creditors, But Protecting Your Stuff

Nowadays, you would really have to be an idiot to believe that the economy has turned around and things are getting better. When looking around and talking to friends there is no one I know who can testify that things are better for them than they were seven years ago. Although, it’s not a topic that people like to discuss. It’s almost like the normalcy bias has affected everyone in the United States and to go against the mainstream media makes you a conspiracy theory nut. I’m not afraid to say it, the economy sucks and doesn’t appear to be getting any better for me and my family. I suppose if you are heavily invested in the stock market you might be doing okay but even that is rolling the dice with the family farm. The dinosaur mainstream media continues to overwhelm the masses with nonsense that is otherwise known as the normalcy bias. In this case, it causes people to underestimate both the possibility of a financial disaster occurring and its possible effects. There is this idea that since they have never experienced it before, it will never happen in the future or a least their lifetime. This is why so many people on the verge of filing bankruptcy continue to leverage themselves into oblivion. Thanks to the too big to fail banks and quantitative easing that is allowing these guys to continue loaning money to people who can’t afford to pay it back.

It’s always been said that history repeats itself and it’s happening right now right before our eyes. All we need to do is make people aware of what’s really going on so their eyes will be opened to this financial disaster that is about to happen. Many Americans are now using credit cards and payday loans just to make their ends meet. They are essentially kiting themselves into bankruptcy and don’t even know it. It would be much better for this group to file bankruptcy and stop all the craziness. This idea of protecting your credit is really meaningless when at some point in time the inevitable is going to happen. Just like you tell your kids when they fall down and get hurt, when it’s time for the Band-Aid to come off, it’s much easier to rip it off then to pull slowly. Because of normalcy bias many are hoping that some miracle will happen and their situation will instantaneously turn around. With the Fed printing all the money or quantitative easy over the last five years it’s just a matter of time before hyperinflation comes to our shores. At this time, everyone in the US will get a reality check and for those that did nothing to prepare will most likely be wiped out. It’s time to stop worrying about what the creditor will think about you if you file bankruptcy and do what’s best to protect any assets you have left.

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Some people say that the number one reason to file for bankruptcy is to get creditors off your back, but the only reason you want them off your back is to make sure they don’t take your stuff. This is why it’s best to be proactive when it comes to financial matters and not let creditors be allowed to file lawsuits and attach any property. Creditors these days have gotten very aggressive in their collection tactics and sometimes need to be stopped. Filing Chapter 7 bankruptcy uses the power of the automatic stay to stop creditors in their tracks. The Automatic stay is so powerful it not only stops collection activity but also stops all legal activity against the debtor. The stay will stop foreclosure, lawsuits, judgments, and even wage garnishments. The creditors can’t even contact the debtor by phone, e-mail, or even a nasty letter. If they have something to say, they will have to do it through the bankruptcy lawyer.

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That’s why the real reason for filing bankruptcy is to protect one’s property. When Congress created the bankruptcy code, they wanted to make sure that Americans would truly get a fresh start after the bankruptcy discharge. That’s why they included bankruptcy exemption laws for those who file for bankruptcy. The debtor has the choice of using the federal bankruptcy exemptions or they can use state exemptions for where they are residing and filing. For individuals to get a fresh start, the exemptions are really pretty generous for individuals filing for bankruptcy. If the bankruptcy trustee could take away all of the family’s property to pay back debts, it would be hard for that family to get back on their feet.

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by Lisa Michelle Jones