While Rome burns, all Americans care about is their stuff and how much they can hoard. This idea is embedded in modern society. It begins with young children learning the word, mine. I was raised in a different generation and if that word came out of my mouth, it would take the tar out of me. Now the new parents think that their little prince/princess can do no wrong and he is cute. This behavior has continued into adolescence until a boy gets his driver’s license and has the crazy idea that he is owed a new car. Well, all the other kids get one, so why shouldn’t they? Then it’s time to go to college and it’s not good enough to go to college, but a prestigious four-year college is more suitable for the way they’ve been raised. My friends, this is the generation of rights and it’s all about self gratification and collecting more stuff. Instead of going into endless debt, these kids should be asking the question: Is college really worth it? In America today, this entitlement generation is creating a new bubble, it’s the student loan bubble. In 2013, student loan debt topped $1 trillion, and without jobs to help these grads make the payments, a dangerous bubble was created that is about to burst. Currently, $124 billion of this debt is more than 90 days past due. But most kids don’t understand that they can’t even file for bankruptcy on this debt later in life if they have to. Sure bankruptcy could be in their future, but this debt will follow them forever. So one thing is for sure, they will have their education and their debt after they file bankruptcy, so they need not worry about losing that at least.

In this self-absorbed generation, these people will try to avoid filing for bankruptcy at all costs because they fear losing all their property if they do. Truth be told, this is one of the things that should be filed under the myths and legends of filing for bankruptcy. I think the most corrupt creditors and debt collectors love to tell people stories about what will happen to them if they file bankruptcy. This could be one of those stories that they tell, because they know that if a person files a return, he won’t even be able to contact that debtor anymore. If they can scare the debtor away, they will stick with the minimum payments on their debts until they can no longer afford it. Although many of these people shouldn’t hold onto their belongings so tightly, it’s rare for a person to be wiped out in a bankruptcy filing. When Congress created bankruptcy, they needed to make bankruptcy exemption laws that would allow a person to keep a generous amount of property or else the person would not have the fresh start that bankruptcy promises.

In recent years, many Americans have exercised their right to file for bankruptcy because of what happened to the economy after the housing bubble burst. People who file for bankruptcy can be sure that they will not lose all their property when they file for bankruptcy. This idea that the bankruptcy trustee wants to go to the filer’s house with a big truck and take everything to the flea market is completely false. In today’s economy, the trustee will weigh the cost against the reward in taking any non-exempt property. Once again, it is a good idea to hire a bankruptcy attorney to prepare your bankruptcy petition because he will know the ins and outs of the code and will be able to protect the maximum amount of property in the filing. There are two types of bankruptcy exemptions that an individual can select, first there are the federal exemptions which are very generic, then there are the state exemptions that most people choose. Although bankruptcy is under federal law, each state has its own bankruptcy exemptions and laws added to the code. The reason states have their own bankruptcy exemption laws is because sometimes property can be region specific. For example, there might be an exemption in Kansas to protect a tractor that would not apply to someone who lives in New York City. In general, it is still best to let a bankruptcy attorney make the decision of which exemptions to use.