All of this has been caused by the credit and finance industry. They have done their research and paid billions of dollars to Madison Avenue to promote their agenda. Even those who must file for bankruptcy have been indoctrinated to believe that they are failures if they do not pay off their debts. Moreover, creditors want debtors to believe that they will lose everything if they apply for bankruptcy. They will do whatever it takes to keep a debtor enslaved by unpayable debt. This is far from the truth, which is why Congress enacted generous bankruptcy exemption statutes to protect a certain amount of property. It would be nearly impossible for someone who has lost everything to obtain the new start that bankruptcy promises.
A bankruptcy petition must be completed in order to file for bankruptcy. One of the petition's schedules contains an inventory of the individual's property. On this schedule, the bankruptcy petitioner must list everything they own, from shoes to pots and cookware. When filing for bankruptcy, the debtor can use an exemption to preserve various amounts of property. This is where a bankruptcy attorney can be of tremendous assistance. The bankruptcy attorney will be familiar with the intricacies and exemptions permitted by the local trustee.
During this period, the individual registering for bankruptcy will be required to appraise all of their assets. The bankruptcy code requires an individual to determine the property's replacement value, taking into account the object's age and condition. The majority of individuals use the old swap meet formula, which is not permitted by the code but is acceptable to many trustees.
When it comes to secured property, it is time for the individual to do some serious soul-searching and determine whether or not they will be able to continue making payments. If the debt is a mortgage, you need a place to live, so as long as you can afford to pay it, you might contemplate reaffirming it if you can afford it.
When it comes down to it, individuals petitioning for bankruptcy should not place sole responsibility on their own shoulders. Yes, they overindulged, but in many cases the banks set them up for failure by extending credit when they knew the borrower would likely never be able to pay it back. The majority of this debt is bundled and sold to an unsophisticated investor on the derivatives market. This is one of the reasons why the real estate market nearly collapsed in 2008, and it will happen again because the same individuals are repeating their mistakes.""
" - https://www.affordablecebu.com/