Nowadays, you really would have to be an idiot to believe that the economy has changed and things are getting better. When I look around and talk to friends, I don’t know anyone who can testify that things are better for them than they were seven years ago. Although, it is not a topic that people like to discuss. It is almost like the normalcy bias has affected everyone in the United States and going against the mainstream media makes you a conspiracy theory wacko. I’m not afraid to say it, the economy sucks and doesn’t seem to be getting any better for me and my family. I guess if you have a big investment in the stock market you might do well, but even that is rolling the dice with the family farm. The dinosaur mainstream media continues to overwhelm the masses with nonsense that is also known as the normalcy bias. In this case, it causes people to underestimate both the possibility of a financial disaster and its possible effects. There is this idea that since they have never experienced it before, it will never happen in the future or at least in their lifetime. This is why so many people on the brink of bankruptcy continue to leverage themselves into oblivion. Thanks to too-big-to-fail banks and quantitative easing that allows these guys to continue lending money to people who can’t afford it.
It has always been said that history repeats itself and it is happening right now before our eyes. All we have to do is make people aware of what is really going on so that their eyes are opened to this financial disaster that is about to happen. Many Americans now use credit cards and payday loans just to make ends meet. Essentially, they’re bankrupting themselves and they don’t even know it. It would be much better for this group to declare bankruptcy and stop all the madness. This idea of ​​protecting your credit really doesn’t make sense when at some point the inevitable is going to happen. Just like you tell your kids when they fall and hurt themselves, when it’s time to remove the Band-Aid, it’s much easier to rip it off than it is to pull slowly. Because of the normalcy bias, many expect some miracle to happen and their situation to change instantly. With the Fed printing all the money or quantitative easing in the last five years, it’s only a matter of time before hyperinflation hits our shores. At this time, everyone in the US will get a reality check and those who did nothing to prepare will likely be eliminated. It’s time to stop worrying about what the creditor will think of you if you file for bankruptcy and do your best to protect the assets you have left.
Some people say that the number one reason to file for bankruptcy is to get rid of creditors, but the only reason you want to get rid of them is to make sure they don’t take your things. That is why it is best to be proactive when it comes to financial matters and not allow creditors to file lawsuits and seize any property. Creditors these days have become very aggressive in their collection tactics and sometimes they need to be stopped. Filing Chapter 7 bankruptcy uses the power of the automatic stay to stop creditors in their tracks. The automatic stay is so powerful that it not only stops collection activity but also stops all legal activity against the debtor. The suspension will stop foreclosures, lawsuits, judgments, and even wage garnishments. Creditors cannot even contact the debtor by phone, email, or even a nasty letter. If they have something to say, they will have to do so through the bankruptcy attorney.
That is why the real reason to file for bankruptcy is to protect one’s property. When Congress created the bankruptcy code, they wanted to make sure that Americans really did have a fresh start after bankruptcy was discharged. That’s why they included bankruptcy exemption laws for those who file for bankruptcy. The debtor has the option of using the federal bankruptcy exemptions or they can use the state exemptions for where they reside and file. To give people a fresh start, the exemptions are quite generous for people filing for bankruptcy. If the bankruptcy trustee were able to take all of the family’s property to pay the debts, it would be difficult for that family to recover.