Filing Bankruptcy Is Not All That Bad
"In the past three decades, Chapter 7 bankruptcy has been associated with failure and dishonesty. In reality, it's the exact inverse. A capitalist society, however, could not endure without the ability to file for Chapter 7 bankruptcy and receive a second opportunity. Entrepreneurs would not bring their concepts to market if they knew they would be financially strapped for life if they failed. Until recently, declaring bankruptcy carried a negative connotation that caused the majority of people to avoid it at all costs. Prior to the recent economic downturn, a significant proportion of Americans were insolvent. Everyone is now accustomed to seeing a foreclosure on their street and hearing about an acquaintance, relative, or neighbor filing for bankruptcy due to the economy.The nation as a whole is ailing, and many people consider this to be the new norm. The positions that have been created in the current economy are low-paying and will not allow anyone to escape debt. Currently, the only sparing grace is the consumer's ability to continue borrowing money. In the near future, this will all come to a halt and banks will be demanding payment from individuals. People in financial distress should consider pursuing Chapter 7 bankruptcy to wipe the slate clean and begin again. All rumors that minimize the negative aspects of bankruptcy are merely hearsay. Creditors have done their research and spent billions of dollars marketing the negative aspects of filing for bankruptcy. They want the individual to believe that they will never receive credit again and that their possessions will be seized by a large vehicle and auctioned off. In actuality, creditors are fast to extend credit to those who have filed for bankruptcy. These individuals are opportunists who are aware that many Chapter 7 bankruptcy filers emerge essentially debt-free. Post-bankruptcy, a person should take some time to appreciate the liberation of being debt-free. Credit will be given when it is due.In 2005, filing for bankruptcy suffered a significant setback due to numerous regulatory changes. Once again, creditors want consumers to believe that filing for bankruptcy is nearly impossible, so why bother? Even though the bankruptcy code has undergone significant revisions, it is still possible to file for bankruptcy and discharge a substantial quantity of unsecured debt. People must cease listening to what debt collectors say and determine the truth on their own. In the majority of instances, a bankruptcy attorney will provide a free consultation and recommend the best course of action. They will then know whether filing for bankruptcy is imminent.
" - https://www.affordablecebu.com/
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"Filing Bankruptcy Is Not All That Bad"
was written by Mary
under the Finance / Wealth
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comments. The article was created on 31 May 2023
and updated on 31 May 2023