You can't turn on the news these days without hearing something about the economic crisis. It seems that Europe is on the verge of collapse and different governments are scrambling to plug holes in a sinking ship. It seems failure of the euro is becoming inevitable. Here in America, people are in a world of hurt also with continued unemployment of close to 10% for the last three years. Many unemployed individuals have just about given up on getting a job. In 2010 there were record number of individuals filing for bankruptcy in the US. So far in 2011, it seems the bankruptcy numbers have gone pretty flat. Many experts are wondering if this is just the calm before the storm as the economy is failing to improve. Optimistic Americans have been trying to hang on and keep from filing bankruptcy, hoping that that job is just around the corner. Optimism is great in most cases, but now it's time to bat down the hatches as many are predicting a one-two punch of an economic storm.
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Deciding to file for bankruptcy can be an emotional decision. This is why many feel that individuals try to put it off so long. The feeling of failure and the anger of who to blame for ending up in bankruptcy comes to mind. Let's face it, it is going to be a stressful time in the debtor's life. The idea of burying your head in the sand hoping it will go away is no way to face financial issues. With the proper advice from a bankruptcy attorney, the debtor should face their financial problems head on. It's kind of like pulling a Band-Aid off, you can pull it off real slow and prolong the pain or just rip it off to have it only hurt for a few seconds.
Because of the stigma that a bankruptcy filing brings, a person filing for bankruptcy needs to be careful on who they discuss their financial matters with. Sometimes when the debtor gets in financial trouble they might run to relatives or friends to borrow money with the intent of avoiding filing bankruptcy. It becomes a sensitive issue when the bankruptcy becomes inevitable and the debt that is owed to the relative or friend has to be included in the bankruptcy filing. Even though the debtor might have every intent of paying that debt back, the family member will still be notified of the pending bankruptcy filing. When the debtor files for bankruptcy it would be advised to work something out with the relative or friend before they get notified by the court. Failing to do this will probably add a lot of unnecessary drama to the debtor's life. This can also cause the debtor trouble if the friend or family member has any privileged information about the debtor's situation that the bankruptcy trustee might be interested in.
When filing bankruptcy the debtor is required to be truthful, providing all income and asset information. Some people that have an ax to grind with the debtor will send a poison pen letter to the trustee trying to get them in trouble with their bankruptcy filing. As long as the debtor gives all the information to their bankruptcy attorney and doesn't accidentally fail to leave anything out, they really have nothing to worry about. These letters to a bankruptcy trustee usually make them take a closer look at the debtor's bankruptcy petition to make sure there are no discrepancies.
This is why our parents always told us don't loan money to friends or relatives. All this doesn't have to be an issue as long as the debtor hits it head on and doesn't try to hide from the issue. The one thing to remember in bankruptcy is honesty is the best policy.
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