More truth than fiction. Or a lot of people deciding the heck with it and thinking when things collapse next year it won’t matter anyway.
Problem is they are not realizing if this continues as a slow unwind...they will file bankruptcy and lose everything.
They are hedging their bets to a fast dramatic crash ...sort of looting things before it happens.
And ya’ know to even think people in the country would believe such a thing just a few short years ago...they would have been called nutcases.
sorry but you can and people do file bankruptcy and keep everything.
keep all their furniture,
keep their home.
If there is a secured lien on their cars that tracks the value of the car then you keep the car(s) too.
The only thing lost is the debt. If a person files ch 7 the credit card companies send then applications within 2 months of FILING. shortly round 12 months their credit scores go UP!
there is little downside to clearing out debt in a bankruptcy and finding a second chance. Remember, bankruptcy law is established in the body of the constitution.