Why Is It Legal "wipe Out" Our Debts? - BANKRUPTCY
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BANKRUPTCY: Why is it legal "wipe out" our debts?
More so than in any other time in our country's history, our economy is based on consumer debt. In fact, in this age of multibillion dollar corporate bailouts, easy credit and relentless bombarding of seductive messages cajoling us to "charge, consume, buy" it is not surprising that so many people are drowning in debt. For many of us, this debt is insurmountable and is causing family problems and feelings of hopelessness and even suicide. With credit card interest rates of 18-21%, many feel like modern day indentured servants. Many times, the debt is occasioned by unforeseen events such as loss of a job or medical bills, but more often it is simply poor planning. Nevertheless, in instituting our bankruptcy laws, Congress recognized that responsible, well-intentioned people could from time to time run into financial problems. By allowing you to recover from your debt burden you will be able to start afresh, look to the future and become a more productive member of society. This is good for you and for good for society as a whole.
ADDITIONAL BANKRUPTCY RELATED FACTS
What Debts Are Not Erased By A Bankruptcy?How Quickly Will My Creditors Get Notice Of My Bankruptcy?Why Is It Legal "wipe Out" Our Debts?What Do I Do If Someone Has Filed For Bankruptcy In My Name?What Is Chapter 13 And When Can It Be Used?Negative Credit Report InformationI Went Through A Bankruptcy Last Year - Will I Ever Be Able To Get Credit Again?| Find Credit Facts |
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