Over the last few years there has been a large number of Americans facing financial trouble. Many of these folks fall into the category of needing to file for bankruptcy. Typically, Americans want to pay their debts back and will continue on as long as possible without filing bankruptcy even though they might need to do so. Many people that face unemployment or some other family disaster spent some time trying to negotiate something with their creditors, usually with no avail. In the initial stages of when an individual defaults on debts, creditors don't want debtors to know about filing for bankruptcy. They want to keep this their dirty little secret by making the individual feel the necessity to pay those debts back and be allowed to keep the credit card account open. The last thing someone in financial trouble needs is to have a credit card. When they should be working on becoming debt-free through some form of debt elimination like bankruptcy, they instead are continuing to get buried deeper in debt because of the interest rates.
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Another thing that creditors want the debtors to believe is that they will lose everything they own if they file bankruptcy. This is so far from the truth it could almost fall under myths and legends. It is true that Chapter 7 bankruptcy is known as a liquidation bankruptcy, but the bankruptcy code allows for generous exemptions to protect one's property. It's not saying there is a chance of losing something, because there is. That's why, having the help of a bankruptcy attorney to make sure that the debtor's property is protected under a bankruptcy exemption and eliminate the chance of losing any property. In today's economy it's a rare occasion to see a bankruptcy trustee take any property. A bankruptcy trustee has to weigh out the time and cost it takes to liquidate an item and currently the value of used items has dropped substantially. The property that might be at risk is items like collectibles, antiques, cash, a valuable automobile that is owned outright and real estate that has a large amount of equity and could be liquidated easily. Once again, a bankruptcy attorney will know how to protect this property to the maximum amount. The bankruptcy attorney would send their client into the 341 meeting like a sheep to slaughter. They would know what is acceptable and what might be looked at.
When the bankruptcy code changed in 2005, Congress tried to balance the debtor creditor laws in the US to make it fair for the creditors allowing them to be able to recover money while at the same time thinking of the future needs of the debtor allowing them to keep property to make it easier to get the fresh start that bankruptcy promises. With these and other changes to the code it's become apparent that it's in the best interest of the debtor to hire a bankruptcy attorney to file for bankruptcy. Even if it's what someone believes a simple Chapter 7 bankruptcy, there can be hidden landmines that an individual might step on because they don't know the law. Filing bankruptcy is the most powerful debt elimination tool available to Americans. To get the maximum benefits that bankruptcy offers individuals in financial trouble should find a bankruptcy attorney they feel comfortable with. Working with an attorney at the debtor trusts will make sure that there are no cards left on the table.
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