These days, you would really have to be an idiot to believe that the economy has recovered and things are getting better. When I look around and talk to friends, I don't know anyone who can testify that things are going better for them than they were seven years ago. However, this is not a topic people like to discuss. His almost like the normality bias has affected everyone in the United States and going against the mainstream media makes you a conspiracy theorist freak. I'm not afraid to say it, the economy sucks and doesn't seem to get better for me and my family. I guess if you are heavily invested in the stock market you might do well, but even that is rolling the dice with the family farm. The mainstream media on dinosaurs continues to overwhelm masses with nonsense, otherwise known as normality bias. In this case, it causes people to underestimate both the possibility of financial disaster and its possible effects. There's this idea that since they've never experienced it before, it's never going to happen in the future or at least their lives. This is why so many people on the verge of declaring bankruptcy continue to abandon themselves to oblivion. Thanks to banks being too big to fail and the quantitative easing that allows these guys to keep lending money to people who can't afford to pay it back.
It has always been said that history repeats itself and is now happening before our eyes. All we need to do is make people aware of what is really going on so that their eyes are open to this financial disaster that is about to happen. Many Americans are now using credit cards and payday loans just to make ends meet. They are basically going into bankruptcy and don't even know it. It would be much better for this group to file for bankruptcy and stop all the madness. This idea of protecting your credit really doesn't make sense when, at some point, the inevitable is going to happen. Just like you tell your kids when they fall and injure themselves, when it's time for the bandage to come off, it's much easier to tear off than to pull slowly. Due to the normality bias, many are hopeful that a miracle will happen and their situation will change instantly. With the Fed printing all the money or the easy quantitative over the past five years, it is only a matter of time before hyperinflation hits our shores . Right now everyone in the US will be getting a reality check and those who haven't done anything to prepare will likely be devastated. It's time to stop worrying about what the creditor will think of you if you declare bankruptcy and do what is best to protect the assets you have left
Some people say the main reason for declaring bankruptcy is to get rid of creditors, but the only reason you want them to take you out is to make sure they don't take your things. This is why it is better to be proactive in financial matters and not let creditors be allowed to sue and seize property. Creditors these days have become very aggressive in their collection tactics and sometimes need to be stopped. Chapter 7 bankruptcy filing uses the power of automatic stay to stop creditors in their tracks. Automatic stay is so powerful that it stops not only collection activity but also all legal activity against the debtor. The stay will end the foreclosure, lawsuits, judgments and even wage garnishments. Creditors cannot even contact the debtor by phone, email or even a nasty letter. If they have something to say, they will have to do it through the bankruptcy attorney.
This is why the real reason for declaring bankruptcy is to protect your assets. When Congress created the Bankruptcy Code, it wanted to ensure that Americans really got a fresh start after discharge from bankruptcy. This is why they have included bankruptcy exemption laws for those who file for bankruptcy. The debtor has the choice of using federal bankruptcy exemptions or they can use state exemptions for where they reside and file. To give individuals a fresh start, the exemptions are really generous enough for people who file for bankruptcy. If the trustee in bankruptcy could take away all of the family's assets to repay their debts, it would be difficult for this family to get back on their feet.