In the past, filing bankruptcy carried the mark of shame, made people feel guilty, worthless and a complete failure. This is one reason many people use a bankruptcy filing as their last resort to eliminate their financial problems. The credit industry has done their homework getting the message out. They throw a dagger straight at America’s heart using the guilt card to stop people from filing bankruptcy. It’s understandable why they do, but if it wasn’t for bankruptcy they would not be as successful as they are and credit would almost be nonexistent. When people feel embarrassed about filing bankruptcy they should consider that there were 1.5 million bankruptcy filings in 2010 alone. Considering that there are about 100 million American adults that use credit, there is a good chance that many people around you have used a bankruptcy filing in the past.
Taking a deeper look at the economy and what got America into the trouble they are in you can go straight to the credit industry and look no further. About 10 years ago, the credit industry started lobbing to deregulate and loosen the regulations on credit and debt. They also pushed to make filing bankruptcy a lot harder on the common debtor. What came out of all this was BAPCPA of 2005 to clamp down on individuals filing for bankruptcy and on the other side loans were given to people that could not afford them almost causing a complete financial collapse of the banking system in 2008. Still today, no one wants to take any responsibility for this fiasco. After the financial markets got bailed out with TARP many Americans ended up unemployed and having to file for bankruptcy. This trend has continued on to the current time and seems to not be ending anytime soon. Many economists have a close watch on Europe and are waiting to see if the euro fails. As the US economy continues to be ever so fragile, many are wondering if Europe goes, will the US follow suit?
With all this financial chaos, Americans need to be more brazen and protect their family from complete ruin. Feeling guilty and trying to pay debts back to a bank that got bailed out by taxpayers because it’s the right thing to do doesn’t always work. Before it’s too late, people in this situation should consult a bankruptcy attorney to stop the bleeding and try to save any family assets that are left.