In today's tough economic climate many people are being forced to have an education about filing bankruptcy. For some, it's because they need to file for bankruptcy to eliminate debt and for others they are on the receiving end by not being paid. The bottom line is, the United States cannot exist without having the ability to file for bankruptcy as a way out of bad debt. There would be no entrepreneurs and inventors bringing technology to the market, without a way out of debt. Bankruptcy offers protection for these individuals, allowing them to try again. In fact, Congress created bankruptcy for the reason giving good hard-working Americans that fall upon hard times a fresh start.
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Ever since the recession began back in 2008, many Americans are trying to hang on and avoid filing bankruptcy. Many believe that the bad times won't last much longer. On the other side of the coin, many economists are predicting a double dip recession and some are even saying worse. Some professionals are predicting a devaluation of the dollar causing hyperinflation. Even the lucky ones that still have a job will be extremely affected as their money won't go as far. Some have predicted the US economy might end up looking something more like the Weimar Republic. For the individuals that are hanging on to optimism, they should start being more realistic and consider filing bankruptcy. Who knows what the political climate will be like when hyperinflation kicks in.
Prices in the housing market are continuing to decline and many are wondering if foreclosure numbers will start ramping up again. Foreclosure rates have been flat since 2010, but many believe this is due to the lawsuits because of the derivatives market. Lenders are having a tough time proving who actually owns the property they are foreclosing on. Now, they are being forced to prove the chain of how loans were bought and sold on that particular piece of property. In the past, a foreclosure would take about six months and now it is taking upwards of a year. It's no surprise that the numbers have gone flat over the last couple years. The scary thing is there are many homes in default or in danger of being in default currently. This, along with many other economic factors, lead many to believe the foreclosure troubles are not over.
The good news is, filing bankruptcy will stop foreclosure, at least temporarily. Filing Chapter 7 bankruptcy will stop foreclosure, but usually only temporarily. With all chapters of bankruptcy, the automatic stay is put in place stopping all collection and legal activity against the debtor. The automatic stay is so powerful it will stop foreclosure, lawsuits, judgments, and even wage garnishments. The downside to Chapter 7 is when someone is trying to protect a piece of property, the creditors still have the ability to file a motion with the court for relief of stay. This will allow the creditors once again to repossess the property. A Chapter 13 bankruptcy is better suited for protecting property. With a Chapter 13, the debtor and their bankruptcy attorney will be required to submit a feasible repayment plan that will last 3 to 5 years to the bankruptcy court. Debts are paid by priority, with secured debts at the top of the list and then unsecured getting whatever's left over. This will allow the individual filing bankruptcy, to get caught up on the arrears, while continuing to pay the current mortgage payments. In today's economy, filing bankruptcy has become a front and center topic with the rich and the poor.
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