A Few Reasons I Hate Laws of Bankruptcy

Bankruptcy laws are the laws that conduct the situations caused by bankruptcy. Bankruptcy happens for the debtor’s not being able to pay his debts. Then there is no legal obstacle for the bank or the lender for taking away his property to cover up for the debt which he could not pay. This seems pretty clear and straightforward. But on the inside, it is not so simple. Rather it is quite complex. There are a few reasons I hate the laws of bankruptcy. Here I will discuss a few reasons I hate laws of bankruptcy. When a person or an organization is meant to be bankrupted, it is expected that they become free from all the past debts which they had made after the bankrupted state. But in a lot of cases, this really does not happen because of the secured debts and loans. That thing makes it really harsh and tough for the debtors who are already suffering from bankruptcy. But it is understandable why some debts are made secure. As it is mentioned earlier that bankruptcy promises to wipe out the debts, it has been abused by many dishonest people. They are taking loads of loans from the bank and after some time, they are filing for bankruptcy. As a result, the bank has to go through financial losses. This is another of the few reasons I hate the laws of bankruptcy.

In this era, bank loans have become available than ever. For this reason, the abusive use of bankruptcy laws is increasing every day. The main sufferers of the abusive uses of bankruptcy laws are the lenders and the real bankruptcy victims. There are many limitations to these bankruptcy laws. Both chapter 7 and chapter 13 bankruptcies are not perfect. Another of a few reasons I hate the laws of bankruptcy is the process of bankruptcy filing. The process of bankruptcy filing is another of a few reasons I hate laws of bankruptcy because bankruptcy filing is also a good weapon to the bankruptcy abusive users. For many years, the laws of bankruptcy have been going through significant changes but still, there are a few reasons I hate laws of bankruptcy.

It is obvious that nothing is perfect or can be made perfect in the whole world. But a few reasons I hate laws of bankruptcy are really acute as a few reasons I hate laws of bankruptcy can’t harm the abusers rather harm the real bankruptcy victims who are forced to be bankrupted for serious financial accidents. So still proper changes are needed to solve a few reasons I hate laws of bankruptcy. By solving a few reasons I hate laws of bankruptcy this can be the more secure and reliable thing to all.