As Rome burns, all Americans are concerned about their belongings and how much they can hoard. This idea is rooted in modern society. It starts with the little kids learning the word, mine. I was raised in a different generation and if that word got out of my mouth I got beaten up with tar. Now new parents think their little prince / princess can't hurt and it's cute. This behavior continued into his teenage years until a kid got his driver's license and he got this crazy idea about it. owes him a new car. Well, all the other kids have one, why not? Then it's time to go to college and it's not enough to go to college, but a prestigious four-year university is more like how they were brought up. This my friends is the rights generation and it's all about personal gratification and collecting more stuff. Instead of forever in debt, these kids should be asking themselves the question: is college really worth it? In America today, this generation of rights is creating a new bubble, and that is the student loan bubble. In 2013, student loan debt topped $ 1 trillion and without a job to help these graduates make payments, this created a dangerous bubble that is about to burst. Currently, $ 124 billion of this debt is over 90 days past due. But most kids don't understand that they can't even file for bankruptcy on this debt later in life if they need to. Of course, bankruptcy could be in their future, but that debt will follow them forever. So there is one thing for sure, they will have their education and debts after they file for bankruptcy so that they don't have to worry about losing at least that.
In this selfish generation, these people will try to avoid filing for bankruptcy at all costs because they are afraid of losing all of their assets if they file a return. Honestly, this is one of the things that should be classified under the myths and legends of filing for bankruptcy. I believe the most corrupt creditors and debt collectors love to tell people stories about what will happen to them declare bankruptcy. Maybe this is one of those stories that gets told because they know that if a person files, they won't even be able to contact that debtor anymore. If they can scare the debtor off, they will continue to make minimum payments on their debts until they can no longer afford it. While many of these people shouldn't hold onto their possessions so tightly, it's rare for someone to be devastated in a bankruptcy filing. When Congress created bankruptcy, it had to come up with bankruptcy exemption laws that would allow an individual to retain a generous amount of property or else the person could not get the fresh start that bankruptcy promises.
Over the past few years, many Americans have exercised their right to file for bankruptcy because of what happened to the economy after the housing bubble burst. People who file for bankruptcy can rest assured that they will not lose all of their property when they file for bankruptcy. This idea that the bankruptcy trustee wants to come to the depositor with a big truck and take everything to the swap meeting is completely wrong. In today's economy, the trustee will weigh the cost against the reward when taking any non-exempt property. Again, it is a good idea to hire a bankruptcy lawyer to prepare the bankruptcy petition as they will know the ins and outs of the code and be able to protect the maximum amount of the property. in the repository. There are two types of bankruptcy exemptions that an individual can choose from, first the federal exemptions which are very generic and then the state exemptions which most individuals choose. Even though bankruptcy falls under federal law, each state has its own bankruptcy exemptions and added laws to the code. The reason states have their own bankruptcy exemption laws is that sometimes the property can be region specific. For example, there might be an exemption in Kansas to protect a tractor that would not apply to someone living in New York City. Overall, it is always best to allow a bankruptcy lawyer to decide which exemptions to use.