Over the last few years there has been a large number of Americans filing bankruptcy as a way out of unsustainable debt. Even though the government has been reporting numbers that would make one think that the recession is over, it's obvious there is a lot more downside to come. The naysayers need to understand that this is an election year and the candidates will say whatever is necessary to get reelected. So far, in 2012, the numbers of Americans filing Bankruptcy have been pretty flat, but many experts believe this might be the calm before the storm. The credit ratios of Americans are continuing to rise with the average American having close to $16,000 in credit card debt. Considering the average salary, it's pretty obvious this debt will never be paid off in my lifetime. The Fed has been pushing money into the markets and allowing creditors to ramp up their credit card lending similar to what happened in the housing market. We all know how that ended and now a few more bubbles are being created. It's reported that student loan debt is now close to $1 trillion in credit card debt is close to $800 billion. As a country we are heading to the same fate of countries like Greece or the Weimar Republic.
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Prior to the bankruptcy code changes back in 2005, many Americans were using bankruptcy as a way to work the system. This is why Congress stepped in and made major changes to the bankruptcy code. Most of the people filing bankruptcy now are at the end of their rope and have no other options. When someone gets to the point in their life that they're robbing Peter to pay Paul, debt consolidation doesn't seem even feasible. If a person is barely getting by it will be next to impossible to come up with a lump sum to negotiate some kind of debt settlement.
Over the last 10 years many Americans have stretched the limits of credit. The majority of people are living way beyond their means. That becomes obvious when the housekeeper comes driving up in a BMW. When people get to the point of filing bankruptcy, many of them have a tough time saying goodbye to the stuff. A bankruptcy lawyer once told me, "If you didn't pay for it you can't keep it." When someone is filing bankruptcy, the court requires the debtor to be completely honest and throw all their cards on the table. In today's society, it seems that many want to hold back and hang on to property and even credit cards to keep them out of the bankruptcy filing. When filling out the bankruptcy petition and it asks for ALL of your creditors and ALL of your property, ALL means ALL. This is why you hire a bankruptcy lawyer to make sure you protect the maximum amount of property with bankruptcy exemption laws. Failing to disclose something to the bankruptcy court could lead to a dismissal of the bankruptcy and in the least a very embarrassing moment. In today's technology driven world, it's easy for a bankruptcy trustee to find out information about an individual filing for bankruptcy. When someone tries to deceive the trustee, it will send up a red flag and they will dig even deeper. Things that normally wouldn't be questioned, then all of a sudden be up for grabs. Why take the chance of losing a bankruptcy discharge to hang on to something that doesn't belong to you. Let the bankruptcy lawyer figure out the best way to handle it.
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