There seems to be an upsurge of anti-bankruptcy rhetoric aimed at indebted Americans to make them feel guilty about their financial circumstances which force them into bankruptcy. Since the critics can’t honestly say that bankruptcy is not an effective way to discharge debt and get a fresh financial start, now many are saying that bankruptcy is immoral and too easy. Let’s get to the bottom of the truth and take back the power that debtors have and that is the power to discharge their debts the easy way, through bankruptcy.
Responses to some of the most common bully tactics used against debtors:
- With the help bankruptcy a debtor can go through the process and be debt-free within a few months in the case of a Chapter 7 bankruptcy and in 3-5 years in a Chapter 13 bankruptcy. Critics say this is too simple and that debtors should instead waste years trying to repay inflated credit card debts, upside mortgage payments and outrageous medical debts.
- Bankruptcy is supported not just by our current courts and laws but by our forefathers and even biblically. It is part of the moral code of this country’s culture that debts should be forgiven at a certain point. But critics of bankruptcy are attempting to accuse bankruptcy debtors of lacking morality. This is a ridiculous argument. Many debtors experience insurmountable obstacles that simply prevent them from paying their debts and forgiving their debt is the moral thing for our society to do.
- Finally many bankruptcy critics say that debtors who discharge their debt in bankruptcy easily become indebted again because they got away with “bloody murder.” The truth is that being indebted is torture enough and there is nothing easy about. No one wants to be indebted. Most debtors who file bankruptcy make a commitment to remains financially healthy and commit to educating themselves amount debt and money management. A matter of fact, debt and money management courses are required for all those seeking bankruptcy protection.