Over the recent years millions of Americans have had to learn how to live on a budget after filing bankruptcy. The idea of filing bankruptcy is all about second chances and being able to start over with a clean slate. This is one of the great things about the United States and its capitalist society. Being able to file for bankruptcy is how a capitalistic society works. Entrepreneurs would not take chances on their inventions if there was debtor's prison and no way out of the debt. No one really wants to file for bankruptcy, but having a way out is what makes the system work.
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Filing Chapter 7 bankruptcy is known as one of the quickest and easiest ways to wipe out a large amount of unsecured debt. Many people try to avoid filing bankruptcy at all costs because of fear of the unknown of what happens after the bankruptcy discharge. Creditors want debtors to believe that credit will never be available to them post bankruptcy because of their filing. This is what keeps many people chugging along by kicking the can down the road making minimum payments on their credit card debt. At some point in time, reality sets in and they realize the only way out of debt is a bankruptcy filing. The idea that credit will never be available after bankruptcy is foolish when you really think about it. Bankers and creditors are opportunists and they know that many people exiting Chapter 7 bankruptcy are virtually debt free or close to it. Also knowing that this group of people cannot file bankruptcy again for eight years makes them a pretty good risk. I believe the idea of no more credit for bankruptcy filers comes from the debt collection industry. Debt collectors get paid on what they collect and they can keep anyone on the hook for one month longer that might mean one more payment will be paid.
What's important to remember after filing bankruptcy is learning to budget. One thing that gets many people in trouble prior to bankruptcy is budgeting. Most people these days consider their available credit an asset. What's interesting is there was an article recently written about the big banks and how they are doing exactly the same thing. Loans and investments they're making are recorded as assets instead of liabilities. This is why many people believe that the financial collapse of 2008 is just a precursor of what's to come. It is a good idea to sit down and speak with a bankruptcy attorney for financial advice. Most people look at a bankruptcy attorney as a good person to ask that when you consider how many people they see that have failed, they will have wisdom in regards to avoiding the same mistakes people made in the past. Usually immediately after the bankruptcy discharge, people have no credit and or commencing their finances the old-fashioned way with cash and checks. This is a perfect time to learn how to budget by not having credit to fall back on. It gives people a reality check to live within their means. Use bankruptcy as a time to reflect on life's mistakes and learn from them.
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