In the past, the bankruptcy filing was stigmatized as for the losers, the poor and the unscrupulous who do not want to pay their bills. If that were true, many government officials, movie stars and businesses have to adapt to this bill, otherwise stigma is a myth. I believe creditors are the ones who have spent a lot of time and money lying about bankruptcy. The creditor knows that when a person files a bankruptcy petition, the automatic stay will take place and they will no longer be able to contact the debtor. It's a pretty powerful statement. They also know that for those who file bankruptcy under Chapter 7, they will probably not receive anything after the bankruptcy is released. There is no limit to what a person can clear in the bankruptcy filing. Before the 2007 real estate financial crisis, many Americans were returning home and doing well. When the bubble burst, these people were caught off guard and millions of dollars of liability were accumulated over the years. ;them. In many cases, they did not have much to lose but did not want lending financial institutions to be held responsible for their deficiencies.
Filing for bankruptcy has become more common since the financial collapse of 2007. Bankruptcy is now part of American culture, as we probably have a neighbor, friend, or family member who goes bankrupt or loses their home as a result foreclosure of the economy. With an unemployment rate of 8% for more than four years, it is not surprising that over a million people go bankrupt each year to deleverage. It seems like the new economy is becoming the new norm and anyone who wants to survive should consider going bankrupt to get a fresh start, clear the slate and become debt free. When the debts become too heavy, do not wait until something happens, but talk immediately to a bankrupt lawyer and see if anything can be done. Chapter 7 bankruptcy is the quickest and easiest way to eliminate a large amount of unsecured debt and to be virtually immune to debt. As the rich get rich, the middle class becomes a thing of the past.
The last time I checked, I still have not received my mailing check. All you have to do is choose a financial newspaper and the list will be endless for companies that are continually bailed out and, if that's not possible, they file for bankruptcy to restructure.