Since bankruptcy began, the credit industry has been at war with those Americans that were considering filing bankruptcy.
Because of this, there is a lot of bad information out there including on the Internet.
Creditors know if they can scare consumers into avoiding filing bankruptcy they will be able to continue loading their pockets with interest.
Currently, Americans have close to $800 billion in credit card debt.
Added to that, is $1 trillion in student loans.
Let's not forget about the auto loan industry which is now getting close to $800 billion also.
Add all this up, we have a huge bubble being created nationwide.
One way for consumers to alleviate a lot of this pressure is to file for bankruptcy and wipe out their credit card debt.
The other two categories are a little bit more complicated.
Looking at the student loan industry, it basically takes an act of Congress to be able to include student loans in a bankruptcy discharge.
To include student loans in a bankruptcy discharge, one must have their bankruptcy attorney file an adversarial proceeding to show the court that the individual will suffer undue hardship by having to continue paying on these loans.
Typically, one must be disabled from an illness or accident to meet the level of proof.
The last category is automobile loans and living in this country it's become apparent that it's next to impossible to survive without a car.
Since car loans are secured by the property, they cannot be included in a bankruptcy discharge unless the person filing bankruptcy wants to surrender the property.
Looking for the truth can be complicated when it comes to the topic of bankruptcy.
Over the last 10 years, the growth of the Internet has made it possible for people to educate themselves on just about any topic including filing bankruptcy.
The downside to this is, how do you know what information is true? There are some basic rules when searching for information on bankruptcy or any topic for that matter.
First of all, consider the source you are using.
If you are looking online, find out who the author is and what kind of credentials they have.
If it is a bankruptcy attorney, find out the region they work in and how long they have practiced bankruptcy law.
Next, check the website for ads or any kind of hook that might identify if the author is selling debt settlement or bankruptcy filing.
You want to make sure that the author includes pros and cons regarding the topic.
And lastly, always check your information against other websites, books and people that might have experience in the field.
When it comes to the topic of filing bankruptcy, there is nothing better than consulting a bankruptcy attorney to get advice on one's personal situation.
Most bankruptcy attorneys offer free consultations so there shouldn't be any excuse regarding the cost.
For best results, people should use the Internet to get a basic education and use that to be prepared for consultation with a bankruptcy attorney.
This way a person will get the best of both worlds and make an educated decision regarding filing bankruptcy.
Because of this, there is a lot of bad information out there including on the Internet.
Creditors know if they can scare consumers into avoiding filing bankruptcy they will be able to continue loading their pockets with interest.
Currently, Americans have close to $800 billion in credit card debt.
Added to that, is $1 trillion in student loans.
Let's not forget about the auto loan industry which is now getting close to $800 billion also.
Add all this up, we have a huge bubble being created nationwide.
One way for consumers to alleviate a lot of this pressure is to file for bankruptcy and wipe out their credit card debt.
The other two categories are a little bit more complicated.
Looking at the student loan industry, it basically takes an act of Congress to be able to include student loans in a bankruptcy discharge.
To include student loans in a bankruptcy discharge, one must have their bankruptcy attorney file an adversarial proceeding to show the court that the individual will suffer undue hardship by having to continue paying on these loans.
Typically, one must be disabled from an illness or accident to meet the level of proof.
The last category is automobile loans and living in this country it's become apparent that it's next to impossible to survive without a car.
Since car loans are secured by the property, they cannot be included in a bankruptcy discharge unless the person filing bankruptcy wants to surrender the property.
Looking for the truth can be complicated when it comes to the topic of bankruptcy.
Over the last 10 years, the growth of the Internet has made it possible for people to educate themselves on just about any topic including filing bankruptcy.
The downside to this is, how do you know what information is true? There are some basic rules when searching for information on bankruptcy or any topic for that matter.
First of all, consider the source you are using.
If you are looking online, find out who the author is and what kind of credentials they have.
If it is a bankruptcy attorney, find out the region they work in and how long they have practiced bankruptcy law.
Next, check the website for ads or any kind of hook that might identify if the author is selling debt settlement or bankruptcy filing.
You want to make sure that the author includes pros and cons regarding the topic.
And lastly, always check your information against other websites, books and people that might have experience in the field.
When it comes to the topic of filing bankruptcy, there is nothing better than consulting a bankruptcy attorney to get advice on one's personal situation.
Most bankruptcy attorneys offer free consultations so there shouldn't be any excuse regarding the cost.
For best results, people should use the Internet to get a basic education and use that to be prepared for consultation with a bankruptcy attorney.
This way a person will get the best of both worlds and make an educated decision regarding filing bankruptcy.
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