The Behind The Scenes Deception About Filing Bankruptcy

The Behind The Scenes Deception About Filing Bankruptcy "For decades, declaring bankruptcy has been associated with failure. Due to this, many Americans do everything possible to avoid declaring bankruptcy at all costs. Sometimes, a person's ego is manipulated by their dread of this stigma, causing them to make poor financial decisions. I believe that a significant amount of this negative information has been disseminated by the credit industry. Creditors believe that if they can keep Americans in the shadows regarding bankruptcy, they will continue to receive minimum payments and fill their pockets. A creditor does not want a debtor to know that chapter 7 bankruptcy eliminates all unsecured debts. This means that once a person files for bankruptcy with the court, the creditor will be unable to contact them in any way. They won't be able to contact a debtor and manipulate the truth to extract more money. Edward Bernays, the father of modern propaganda, stated, ""The conscious and intelligent manipulation of the organized habits and opinions of the masses is an essential component of a democratic society."" Those who manipulate this invisible mechanism of society comprise an invisible government that is the true governing power in our nation."" This is evident within the finance and credit industries. Utilizing the media, lobbyists, and government to advance their agenda, the banking industry has covered all of its bases.When a person falls behind on their payments, creditors will be understanding and attempt to befriend them. They don't want to come across as aggressive because the individual may hire a bankruptcy attorney to safeguard themselves. Therefore, the creditor attempts to coax small payments from the broken individual by treading gently. If they can prevent the individual from learning that bankruptcy will eliminate all of this, they will be able to continue lying. If they behave as a friend, they will gain the person's trust and provide them with information about why bankruptcy is so detrimental. They may even threaten credulous debtors with imprisonment if they do not pay their debts. The last time I checked, debtor's prison had been abolished. No one should have faith in their creditors before consulting a bankruptcy attorney or other legal counsel.As the deception persists, a major creditor recently sent out revised terms and conditions that would permit them to contact a debtor at their home or even their place of employment. In addition to calling them, they would be permitted to visit their residence or place of business and demand payment. This appears to be in violation of the Fair Debt Collection Practices Act, but it would be easy to do so without knowledge. As long as these creditors continue to deceive consumers, we can anticipate much more of this conduct. This is why it is essential for consumers to comprehend their legal rights in regards to debt collection and what creditors are legally permitted to do to them. Currently, declaring bankruptcy will halt them in their tracks and prevent creditors from even sending a letter. It would not surprise me, given the influence of the banking lobby in Washington, D.C., to see laws changed in favor of creditors over consumers. For those who are barely getting by, it may be prudent to consult with an attorney about filing for bankruptcy to determine if it is even possible in their particular situation. In the past few years, banks have been bailed out on the backs of the American people, only to have laws changed in their favor instead of bringing back legislation similar to the Glass-Steagall Act. If we are not vigilant, debtors' prisons may become a reality for this nation in decline.
" - https://www.affordablecebu.com/