Posts Tagged ‘Bankrupt’
It maybe the worst thing ever to do, but sometimes you just have to file a personal bankruptcy. It is not easy but when your situation calls for it, there is nothing much you can do about it.
So early on, you should know the telltale signs of personal bankruptcy so you can get yourself out of it before the whole thing blows up. Usually, a person that experiences loss of income, job loss, or personal business failure is headed for personal bankruptcy.
Others have excessive student loan debt that they need to pay back using their income while some need to pay up the debts resulting from accidents or serious illness that happened in the family or to themselves.
Sometimes all these are too much for other people leading them to ultimately file for personal bankruptcy. Everyone needs to make their own decision and check the alternatives.
But sometimes, just sometimes, there are ways to avoid being in this situation. People sometimes file for debt consolidation loans. Some go for credit counseling and have a debt management plan made for them while some send consumer proposals to creditors.
But if these options would just not work for you, then perhaps knowing the advantages and disadvantages of being in this financial situation might lessen your load even a bit. Some of its advantages would be protection from collection action, legal action, and wage garnishes.
Filing for personal bankruptcy also gives you the privilege of having your unsecured debts eliminated. Also, it is quicker than any other option and is not that expensive, too. On the other hand, being in this financial fiasco makes your credit history look bad.
Moreover, you might be obliged to turn over to your trustee some of your possessions and you also will be required to keep track of all your expenses while you are at it.
A Business Bankruptcy Attorney can help you through the process of Voluntary Bankruptcy
I ask what is going on here in the USA? I am not a financial genius and I could be wrong but this is the way I see it. First we bailed out the banks because they gave out too many bad loans. These people who are financial geniuses gave out loans to people who could not afford them, hoping things would get better and the people could pay their Bills. Basically what they did was gambling. Its like me going to Las Vegas betting over and over on red figuring it will come up eventually and when it never does and I lose all my Money. I then go and ask for all of it back plus more! [I:http://mortgagerefinancingloan.org/wp-content/uploads/2010/02/LJJames2.jpg]
The Banks who gave the Mortgages where given a bail out of around 600 Billion Dollars so they could stay in business. Now as I have read for around half of that the Government could have paid off all those bad loans and helped poor American Families keep their homes. If all the bad loans where paid then would not that take care of all the Banks problems? Instead they gave super rich bankers who mad bad choices lots of Money so they can continue to make the same decisions that failed before and live their incredible lives that most of us can only dream about.
Now we have the same thing going on with the Auto industry. I do not understand why we would bail them out. It seems to me that if you run a business and you fail, well then you fail. Aren\’t these the same auto makers who over charge us for their cars? I can not believe none these manufactures can make a car that will last much longer and run on less gas or some other type of cheaper fuel. The Auto industry and the men who run it have been a major controlling factor in the world for many years. Aren\’t these the same Auto Tycoons that we have heard stories about them keeping all the new smaller car companies from starting up or \”buying up\” any competitor who comes up with a better Motor Vehicle for over the last half century? The story of Tucker and his dream of making a better car for hard working Americans, Was that not a true Story?
If these Auto Companies where left to go out of Business many Americans who work at these Companies factories would lose their jobs. I do care and understand that it would be very hard on them. Right now is a tough time for all Americans. But I believe that before the dust could even settle from these companies collapse, We would have many small car manufactures starting up making much better cars at lower prices. These cars would last many years longer then the current ones we drive and I can only guess would run much further on a gallon of gas or some other cheaper fuel source. I would bet that fuel would be much better for the environment. Soon after with the huge super powerful big Three of the auto industry no longer in control and maybe crushing any small start up auto manufacturers, We would have hundreds of small car companies all across the Country and soon many more jobs for everyone along with much better automobiles to drive around in that burn cleaner fuels. Who knows maybe we could even get those dam flying cars we where all promised as Kids!
This is a hard time for this country. I think it is evident in the choices the American people have made as of recent, that we now know we can no longer have the same people in power making the same mistakes. These companies and the people that have been controlling this Country have lead us down this road. It looks to me that now that we have reached the end of the road and there is a cliff. Those that have been leading us are now asking us all to trust them and jump off that cliff and fill in the gap so they can walk over us and allow them to continue leading the way !
The idea of this country has always been if you can build a better Mouse trap you can become a Millionaire.What it looks like to me is these people did not allow any one else to build a better Mouse trap. Then they sold the only traps available making them so they would last only a short time, While charging a real high price for them. It has got to the point where the people can not afford to buy new Mouse traps when the old ones brake and have decided they will either try to fix the old ones or just live with the mice. They need their money for other things more important then new Mouse Traps. Now like in the case of the auto Companies they are asking the Government to give them the Money the people can no longer afford to spend on their products.
Now is not the Money they are asking to be given the hard earned Money the Government has taken from the same people in Taxes who can no longer afford to buy these products! These Companies are getting the hard earned Money of the American People who can no longer afford to buy these over priced Vehicles, That last a much shorter time then the ones made 50 years ago. Now our Government who has been over taxing us for years is thinking about giving away 15 Billion dollars of our money.
What charities and programs are we going to have to cut so these Auto tycoons who have houses all over the world, Their own private Jets and pretty much anything they have ever wanted continue to get richer? Will this money come from our Schools? What about the Hungry Children of the USA? What about all those people who are out of work and those that are going to lose their homes the banks are foreclosing on? I bet 15 Billion dollars could really help them out.
America is the land of dreams. It is the Country where a man can be poor one day and rich the next if he has a good idea. There is nothing that says if you have a great Idea and then you make a Mistake and lose everything the Government will bail you out! We are not helping the poor Auto factory workers here, They most likely will loose his jobs any way. We are only helping the Rich Auto Tycoons to be able to pay for all their many luxuries! Do I think our Government will bail them out? Well to that all I have to say is take a look at who funded many of today\’s politicians campaign and then you will have your answer?
Again I am not a financial Genius and I may have this all wrong I am only Your Bro L.J. James AmericanBikerX.com [I:http://mortgagerefinancingloan.org/wp-content/uploads/2010/02/LJJames0.jpg]
LJ James is a freelance writer working for many Magazines doing reviews on Companies ! LJ James is a Member of a Motorcycle Club LJ James has gone many years reviewing shows like Sons of Anarchy Click here to get your own unique version of this article with free reprint rights.
