In the past, filing bankruptcy has had a stigma that it was for losers, the poor and unscrupulous people who don't want to pay their bills. If this was true, many government officials, movie stars and corporations must fit this bill or the stigma is a myth. I believe creditors are the ones that have spent a lot of time and money perpetrating a lie about bankruptcy filing. The creditor knows that when a person files their bankruptcy petition, the automatic stay will go in place and they will no longer be able to contact the debtor. This is a pretty powerful statement. They also know that for those filing Chapter 7 bankruptcy, they most likely will receive nothing after the bankruptcy discharge. There are no limits to how much a person can wipe out in the bankruptcy filing. Prior to the financial real estate crisis in 2007 many Americans were flipping homes and leveraging themselves through the roof. When the bubble burst these folks got caught with their pants down and millions of dollars of liability were piled on top of them. In many cases they didn't have much to lose but didn't want to have a tax liability that might be put on them from the lending institutions for their deficiencies.
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Filing bankruptcy has now become more mainstream ever since the financial collapse back in 2007. Bankruptcy filing has now worked its way into the fabric of American culture as we probably have a neighbor, a friend or family member who is filing bankruptcy or losing their home to foreclosure because of the economy. With unemployment now at 8% for over four years, it's no surprise that over 1 million people every year file bankruptcy to get out of debt. It seems that the new economy is becoming the new normal and anyone that wants to survive this should consider filing bankruptcy to give themselves a fresh start, wipe the slate clean and become debt free. When debts become overwhelming, someone shouldn't wait around for something to happen but immediately speak with a bankruptcy attorney and see if there's something that could be done. Filing Chapter 7 bankruptcy is the quickest and easiest way to eliminate a large amount of unsecured debt and end up being virtually debt-free. As the rich become richer, the middle class is becoming a thing of the past.
The last time I checked, I still haven't gotten my stimulus check in the mail. All you have to do is pick up a financial newspaper and the list will be endless for the companies that are continuously being bailed out and if that's not available, they are filing bankruptcy to restructure.
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