In today’s ailing economy, it is becoming more and more apparent that filing for bankruptcy might be the only solution for Americans to get out of debt. In the past, it seemed there would be light at the end of the tunnel where individuals lost their job would land back on their feet by learning another trade. Over the last 10 years, most of America’s manufacturing has gone overseas limiting the amount of jobs available for the regular folks.
Being faced with a bankruptcy filing can be very stressful and many individuals these days try to postpone the inevitable. Most of the reasons for trying to avoid filing for bankruptcy should not be reasons at all. It’s true that a bankruptcy filing will put a big scarlet B. on the debtor’s credit report, but at this point in time, the debtor’s credit is already in shambles. The less obvious reasons that debtors don’t share with anyone involves fear. Many people filing for bankruptcy are afraid of the unknown. There are many rumors that have floated around for years about bankruptcy. Many think the bankruptcy trustee is this big bad individual that is intent on coming to the debtor’s home to load up all their belongings and sell them at the swap meet. This is far from the truth. Especially in today’s market, a bankruptcy trustee doesn’t want to waste the time that it would take to sell an individual’s personal belongings. The only thing the trustee is interested in is nonexempt assets of value that are easy to liquidate.
This is where a bankruptcy attorney can come in and help. That’s why it’s important to hire a bankruptcy attorney to be able to protect the maximum amount of assets using the bankruptcy exemption laws. And when the fear sets in about the meeting of creditors, . The debtor should find an attorney that they feel comfortable with so they can truly open up and be totally honest. Let the bankruptcy attorney decide what’s important and what’s not. Leaving out or hiding information f4rom the court will only end up hurting the debtor if it becomes uncovered. Being dishonest with the bankruptcy court will end up at the least in a dismissal of the