For someone that is buried under a mountain of credit card debt and considering bankruptcy, the only question to ask would be, what are you waiting for? Most people that end up filing bankruptcy have one thing in common, it's waiting too long to file. What's funny is, it's usually the dishonest people that are gung ho about rushing into a bankruptcy filing. These are the people that made Congress changed the bankruptcy code back in 2005. There were a group of people that would run up their bills, only to file bankruptcy and wipe them out. This cycle was repeating itself over and over and Congress decided to do something about these serial bankruptcy filers. Hence, the BAPCPA of 2005 was introduced. I think many individual's pride gets in the way, as they don't want to be lumped into this kind of unscrupulous group. The credit industry has learned how to play on the emotions of those in debt and scare them away from filing bankruptcy by making them think it is taboo.
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Filing bankruptcy can be one of the most important decisions in individual can make in their life. Delaying or failing to file bankruptcy can many times be one of the worst decisions that ends up with catastrophic results. It's common to hear Americans say that filing bankruptcy should be a last resort, to a certain extent this is true, but one can also wait way too long. If someone waits so long to call a bankruptcy attorney that they have exhausted all their reserves, they have waited too long and spent way too much energy trying to avoid a bankruptcy filing. Ever since the economic downturn back in 2008, many people lost their job and have tried everything to keep up with their mortgage payment and credit card payments while searching for work. Many of these individuals, after going through their savings, take a look at their 401(k) and decide there's no other way and tap into it. Instead of doing the smart thing and calling a bankruptcy attorney, they believe they are doing the right thing by paying their bills, only to end up almost being too broke to file bankruptcy. If it was job loss that caused the financial trouble, what if a new job doesn't come along before all their reserves are completely exhausted?
People considering filing bankruptcy, should try to be honest with themselves and consider that a new job might not be right around the corner. Taking this into consideration, it would be foolish to tap in to investments that could be protected by bankruptcy exemptions. For one, borrowing against your 401(k) is basically looked at as income by the bankruptcy court. For conversation's sake, if the individual decides to call a bankruptcy attorney and file for bankruptcy, they might not qualify for Chapter 7 because of the money that was taken out of the 401(k) is considered income. Since it usually comes in a lump sum, the only way this individual can qualify to file Chapter 7 bankruptcy is to delay filing. When someone is unemployed and buried in debt, the best advice is to consult a bankruptcy attorney before doing something foolish like burning through assets that could be protected in a bankruptcy filing. When your family's future is on the line, make sure you cover all your bases before making big moves.
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