In today's society it seems that people are no longer shocked when they hear about corruption. It is everywhere you look from the top down to the bottom. The security business is booming because of all the liars, cheaters, thieves and crooks everywhere you turn. It's funny how even the president gets caught in lies and it's excused. Most people these days spend all their energy for self-preservation. Whatever benefits them, even if it means deceiving others, it's okay. This is part of the reason why the United States economy is on the verge of another depression. People spent and spent all in the name of self gratification and now that the bills are due it's time to blame someone else. Last year in 2010, over 1.6 million Americans use bankruptcy filing as a way to eliminate overwhelming debt. I'm not saying that all these people are dishonest and intentionally ran up their credit cards, but many of them did. Back in 2005, Congress changed the bankruptcy code just because of these same reasons. They wanted to make it tougher for individuals to file bankruptcy. What they felt was happening was people would run up their debts, then file Chapter 7 bankruptcy to wipe them out and then go out and run them up again.
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With the many changes to the bankruptcy code it was supposed to stop any serial bankruptcy filers. It did do that, but no one could foresee the mess that was created with the mortgage industry. In the mid-2000's, credit was available to anyone on a stated income. People had credit cards with limits of $100,000 or more, based solely on their word of how much they make. Looking back, it's easy to see how this would end up so badly.
Fast forward to our current situation, now there are millions of Americans that are ready to default on their credit cards and mortgages. They don't make enough money to make the minimum payments of interest only. It seems that filing bankruptcy is their only option. Filing bankruptcy will fix their situation permanently as long as they learned from the mistakes they made in the past. If not, their problems will become compounded by getting credit after the bankruptcy filing is discharged and in the past. The reason bankruptcy was created was to give good hard working Americans a fresh start with a reset on their financial matters.
Hopefully, all these people will learn from their mistakes and be able to move on and be prosperous after filing bankruptcy. With the advice of a bankruptcy attorney they should have no problem as long as they listen. With the changes to the code, filing bankruptcy has a new added complexity that should not be done without help. Although, it is possible to file bankruptcy on your own it's not advisable. When considering the cost of your time and what's at stake, the small amount a bankruptcy attorney will charge is really quite a value. You wouldn't want to do surgery on yourself so why would you want to attempt filing bankruptcy when your financial future is at stake.
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