Over the last 30 years, Chapter 7 bankruptcy has carried the stigma of failure and dishonesty. Realistically, it's exactly the opposite. But a capitalist society would not survive without the ability to file Chapter 7 bankruptcy and get a second chance. Entrepreneurs would not bring their ideas to market knowing that if it didn't succeed, they would be strapped for life to pay it off. Over the years, filing bankruptcy has carried this negative stigma that makes most people try and avoid filing at all costs until recently. That is until the recent economic downturn that has forced a large percentage of Americans into bankruptcy. Now it's common for everyone to see a foreclosure on their street and hear about a friend, family member or neighbor that is filing for bankruptcy because of the economy.
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The country as a whole is suffering and many believe that this is the new normal. The jobs that have been created in this economy are low-paying and will no way get someone out of debt. The only saving grace currently is the consumer's ability to continue to borrow more money. In the near future this will all come to a halt and the banks will be knocking on people's doors asking to be paid. People in financial trouble should consider filing Chapter 7 bankruptcy to clear the slate and start over. All of the rumors that downplay the negative side of bankruptcy are just that, rumors. Creditors have done their homework and have spent billions of dollars marketing the negative aspects of a bankruptcy filing. They want an individual to believe that they will never get credit again and everything they own will be picked up by a big truck and sold at an auction. Neither of these is true, in fact, creditors are quick to give people credit after filing bankruptcy. These people are opportunists and know that many people exit Chapter 7 bankruptcy being virtually debt-free. It's best for an individual post bankruptcy to take some time and enjoy the freedom of having no debts. Credit will come in its due time.
In 2005, filing bankruptcy suffered a major setback with a large amount of regulation changes. Once again, creditors want the consumer to believe that it is next to impossible to file, so why bother. Even though there have been major changes to the bankruptcy code, it is still possible to file for bankruptcy and wipeout a large amount of unsecured debt. People need to stop listening to what debt collectors tell them and find out the truth for themselves. In most cases, a bankruptcy attorney will give an individual a free consultation and advise them on what is their best course of action. They will then know whether or not filing bankruptcy is in their future.
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