When it comes to bankrupcy I am glad I live in America. In many countries if you are a debtor, it is very likely you will be punish with jail sentence, or, even worse, the government will harass you into turning in your house. In many countries, like Viet Nam, people killed themselves because they are so high in debt that they feared that the government would take everything away from them, leaving them to starve in the cold on the street. I’m glad I had research the topic Should I Declare Bankrupcy.
I learned that I do not have to be afraid of creditors and collection agencies, if the situation happen to me. There are non profit organizations out there that work with creditors or collection agencies to reduce your debt. I should not be afraid. The creditors by law can not take my assets because they don’t worth much. I have an old car that always break down, and I work at McDonnald. Those are my assets. However the bank might take my car, due to the fact that I borrowed a loan from them to buy the car I am a part time worker at McDonnald. the creditor can not attack my paychecks. If they do, then this world would be a merciless world. So it would be wise of me to declare bankrupcy to stop the hackling from creditors. The worse that could happen to me after declaring bankrupcy is a payment plan will be set up a payment plan for me, since there is not anything with high values that the creditors to take from my house. I found this website helpful for debtors who in the position of having to decide whether they should declare bankruptcy. http://bankruptcystressrelief.com/chapter-7-bankruptcy.html