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Most would rather do nothing than declaring bankruptcy


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While nobody really wants to file bankruptcy, sometimes it’s in the best interest of the individual to protect whatever assets they may have left. Some people let their pride get in the way and avoid filing bankruptcy at all cost even to their own demise. While some get so depressed and stressed out about their situation they just give up and lose everything. The do-nothing option, while at first seems like a good option at the time, it’s self-destructive behavior. I don’t know why someone would sit and do nothing and allow creditors constantly berate them and sue them when things get really bad. People need to understand that creditors just don’t go away when you stop answering the phone.

The problem with the do-nothing option over filing bankruptcy is creditors do have legal means of coming after the debtor. In this technology driven age, many of these goons look for creative ways to come after the debtor that is trying to avoid them. Most will pursue long enough to serve the individual papers, so they can get a judgment against the debtor. How it usually happens is, first, they will file a lawsuit against the debtor and get a judgment against the individual. If a person is working, the creditor can get a wage garnishment and take a large portion of their wages. Now, they are already at rock bottom and not realizing it can get worse from here. When it goes this far, some individuals will even borrow from family members or against their 401(k) to continue on knowing that there is no way that they will ever be able to pay these debts off. If only they would file bankruptcy and face the inevitable music.

The only way a person should do nothing instead of filing bankruptcy is if they have nothing to lose. This is a very small group of people but is growing in this terrible economy. A bankruptcy attorney will call this group the too broke to file bankruptcy fools that waited too long. These people missed all the warning signs and continued paying minimum payments with money that could have been protected by bankruptcy exemptions. They are now sleeping on their families couch and some probably don’t even have a car. What’s the point in filing bankruptcy now? They have nothing to lose.

This is why it’s so important to heed to the warning signs and when those red flags start flying, set the ego aside and weigh all your options. If it is early on and the debt isn’t high enough, the individual might even be able to work something out with the creditor by doing a debt settlement. Nowadays, many creditors will take $.50 on the dollar to avoid having the person file bankruptcy and end up with nothing. This needs to be done before the person has sold all their assets and has nothing to negotiate with. Bankruptcy was created for this exactly reason, to allow an individual wipeout one’s debt and to protect enough property and allow them to get a fresh start in life.


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