In this day and age of credit, one reason many are reluctant to file for bankruptcy is the fear of having to live without a credit card for a while. While there are many reasons that put people in the place where filing bankruptcy is really their only way out, there are only a few that delay the process. The two most common reasons that people delay filing for bankruptcy is pride and the fear of living without credit. It's hard for a person to admit that they have to file for bankruptcy. Many people when they think of the word bankruptcy, they think of failing or giving up. In reality, neither of these is necessarily true. In today's complex economic world, it's easy for an individual to get caught with their pants down financially. One perfect example is what happened to the real estate market in 2008. Most people thought when they purchased their home at an inflated price that they wouldn't lose their shirt and be facing foreclosure. Many of these people got caught up thinking there would be no end to the financial boom of the real estate market. When the bubble burst, not only did it hurt millions of homeowners, but it also took the financial markets with it. Because of the financial chaos, a huge economic downturn began pushing the US economy into a recession. With the recession many Americans lost their jobs and in turn were forced into filing bankruptcy. Over the next couple years, it is expected that many more Americans will face foreclosure and bankruptcy.
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One problem that many individuals that are filing for bankruptcy don't understand, is they have to list all their creditors and all their property, with the emphasis on all. When filing bankruptcy, there are still many individuals that think they can hang on to that one credit card that they keep for emergencies. They don't understand that in this electronic age it's not hard for the creditors to find out about the bankruptcy filing. Once the creditor gets wind that the debtor is filing bankruptcy, the account will be closed anyways. The debtor needs to understand the seriousness of not disclosing information to the bankruptcy court. In the worst-case scenario, criminal charges can be filed against the debtor from trying to defraud the court.
Honesty is the best policy when going into a bankruptcy filing. Let the bankruptcy attorney deal with the intricacies of the bankruptcy law. Allowing the bankruptcy attorney to earn their money is the safest and best way to deal with bankruptcy. A local bankruptcy attorney will have the knowledge necessary to protect the debtor's property to the full extent of the bankruptcy exemption laws.
A short time after filing for bankruptcy there are many creditors that will be willing to take a chance on the debtor that is employed. They realize that there are many factors that can cause an individual to file for bankruptcy. Creditors like debtors to believe that if they file for bankruptcy they will never be able to get credit again. This is completely false, creditors lead debtors to believe this because when the debtor gets a bankruptcy discharge, in many cases, the creditor gets nothing.
When it comes to financial matters, don't let pride get in your way, consult a bankruptcy attorney immediately to see if filing for bankruptcy will help your family's situation. Let the power of a bankruptcy filing put you on the road to becoming debt-free.
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