Overcoming the morality issue when filing bankruptcy
For many of us the thought of filing for bankruptcy may not sit well with one's morality. The concept is that you borrowed the money or took out the loan from the creditor and it is your moral responsibility to pay the creditor back rather than having the debt discharged in a chapter 7 bankruptcy or significantly reduced in a chapter 13 bankruptcy.
One must remember that the US bankruptcy law was created to provide protection to the debtor from the harassment and other tactics of the creditors. One of the requirements in a file for bankruptcy is to prove that the debtor is indeed insolvent. Insolvency means the debtor is unable to pay back the creditor. If you are truly unable to pay back your creditors, a moral issue should not arise.
However the bankruptcy questions still arise, I borrowed the money I should pay it back. If you are at a point where filing for bankruptcy is your only solution, you should not be thinking that you are doing an immoral act. Rather, you should consider the reasons that have created a predicament in which a chapter 7 bankruptcy or a chapter 13 bankruptcy is your only way out.
If you were to dwell on these bankruptcy questions, you will realize that the reason for your insolvency is usually due to extenuating circumstances that were most likely beyond your control. In most cases the debtor contacts a bankruptcy lawyer to explore the possibility of filing bankruptcy due to medical bills that they are unable to pay or a job loss or significant decrease in income. In fact medical bills are actually the number one reason for file for bankruptcy cases in the United States.
So with all this in mind, it will be easy to overcome any moral issue you may have for seeing a bankruptcy attorney about the possibility of filing for protection under the US bankruptcy law, when you stop to think of what is your reason for being where you are. Most likely you will realize that your predicament may not have been due to any fault of your own but rather a result of extenuating circumstances.
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Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
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People separate their money in savings accounts, fixed deposits, and mutual funds to get most of the profits made from that saved money. Unfortunately, people may suffer or face any financial crisis that can strike up the whole family. If any of such situations like a downfall, job loss, divorce, natural crisis has happened then one can file a case of bankruptcy to get a relief from the financial obligations.
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The law in bankruptcy changed in 2005, which made it harder for people to file for bankruptcy. Furthermore, filers with high incomes may no longer be allowed to make use of the Chapter 7 bankruptcy.
Individuals who are willing to pay their debts within 3-5 years qualify for the Chapter 13 bankruptcy. This chapter is crucial as it is helpful for individuals that want to retain some or all of their assets.
Chapter 7 Bankruptcy is more of a liquidation that involves a debtor's non- exempt or non-excusable assets. These can be sold by the trustee to pay back the creditors as per the priorities that are established within the chapter's code.
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