The rationale for the amendments to the bankruptcy statutes
You cannot claim that only borrowers are in a vulnerable position due to the rapid closure of credit card companies. They cannot compel their clients to pay. However, the situation was very different a year ago. Credit card companies could not be contested by those who took out loans. What would have happened if you had failed to make your monthly payment? The credit card company would have used the following arguments to demand payment from you.
In the guise of emails and phone calls, you would have received a series of reminders.
The debt collectors would have dealt with you directly.
The new bankruptcy regulations are significantly different from their predecessors. They are extremely severe and provide credit card companies with new rights. For example, let's discuss chapter 13. According to this chapter, the bank has the right to sell your property and possessions in order to obtain its money. Therefore, you must pay a minimum amount under all circumstances. This amount must be paid regardless of bankruptcy. The bank has the authority to liquidate your assets if you do not. Personal bankruptcy is no longer advantageous for loan applicants. In other terms, it is now a neutral choice.
Avoiding personal bankruptcy is preferable to debt settlement. You can reduce your obligations and pay the remaining balance without difficulty. You can negotiate the duration of the contract and the monthly payment amount. In addition, you have the option to choose a company of your choosing. It is always advisable to verify the legitimacy of a debt relief company to prevent fraud and personal bankruptcy.""
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