Bankruptcy Debts
Author: Mercy Maranga
Debts can accumulate due to various issues. It could be high medical bills or other unforeseen circumstances that catch you when you are least prepared. When you are under an obligation to repay your debts and you are not in a position to, then you need to look for ways to get rid of the debt. You can talk to your creditors and negotiate how to repay them. Consulting with a credit consolidation company can also help. Your debts are consolidated into one lump sum and the creditors are repaid.
If all these alternatives bear no fruit, you always have the option of filing for bankruptcy. This is usually considered as a last option. You also need to understand the various kinds of debts. There are two types of bankruptcy debts. There are secured debts and unsecured debts. The debs that are secured are the ones that have collateral. Home and car loan are examples of these kinds of debt. This means if the debtor should default on payments, the creditors are permitted to claim the asset that has been secured against the loan.
Unsecured debts on the other hand, are not attached to any property or assets. Credit cards are a common type of unsecured debt. In this case, if the debtor defaults the creditors are usually at a losing end. They will have difficulty in claiming what is owed to them, since they have no back-up. They rely on the debtor’s word and his repayment habits.
If you file for a chapter 7 bankruptcy, creditors may get little or nothing from you. This is because assets like your house or car are protected from these types of debts. The creditor has no right to force you to sell your house in a bid to recover what is owed to them.
Article Source: http://www.articlesbase.com/finance-articles/bankruptcy-debts-1167014.html
About the Author
Mercy Maranga writes content on Finance and Debt Management. Visit her site here for more information on Finance and how to effectively Manage your debts. Bankruptcy
I need a reputable credit counseling coumpany for mandatory pre-filing bankruptcy counseling. Who did you use
Don’t give me a “debt management” of “consolidation” solution as I will report you as a SPAMMER.
I have already begun the paperwork for Chapter 7 bankruptcy and know it will be a long hard road to fix my credit.
This is for those who have already or are in the process of filing for BK or those who know the process well, ONLY.
Fed law requires pre-filing counseling and a “certificate”. I can do the counseling class online which I prefer. What companies have people who filed BK used for pre-filing counseling and and post-discharge counseling?
AND if you think I can get around the BK with the amazing “debt consolidation company” you are about to mention, don’t… it just shows you haven’t read my question and have no idea what the process is all about. I have no other options but to file BK right now.
And please don’t preach to me about the evils of credit or bankruptcy or how great your loan co or debt consolidation co is. I’m experiencing the evils and just want my life back
Should professional athletes be required to take money management classes?
Many athletes make so much money but are also very wasteful with most of their money. Eventually, some of them even go into serious debt.
Michael Vick- in huge debt
Deuse McCallister- declared state of bankruptcy
78% of NFL athletes after they retire are broke or in financial troubles from divorce or joblessness
60% of NBA players within five years of retirement are broke
Read this article for more about this phenomenon.
http://vault.sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm
Would you consider getting back together with this kind of guy?
I’m going back in fourth on deciding if I should get back together with my ex boy/f. I was extremely physically attracted to him, and we had great chemistry which I never had with anyone else before. He was by my side while I was getting divorced, I leaned on him through the whole thing. He helped me find an apt when I moved out of my home. He takes care of himself, is interested in nutrition and eating organically (like me), and truly knew me, sometimes better than I knew myself. He would always be the first to want to makeup after a fight. He liked to dance and go out, but also stay in and snuggle. He taught me how to communicate properly and talk things out. Sooo committed to me, through thick and thin. I don’t think he would ever leave me. I felt like he was everything I was looking for.
However, mixed with these great qualities were some bad ones. A lot of things would irritate him easily. He was always worried about guys hitting on me when I went out with my friends. I often felt like I was never good enough for him. He said I didn’t show enough appreciation when he would do things for me. I would always say thank you, but he wanted me to SHOW him my appreciation. I would try, but it would never measure up. He didn’t fully trust me. He is 30 years old, lives in his parents basement, and just now got a part time job (he was unemployed for 2 years and couldn’t find work). He also just began nursing school. He already filed bankruptcy once, and is again in major debt but assures me he’ll pay it off once he’s down with nursing school in 2 years. We argued a lot. He also was violent with me on some occasions. That it the main reason I left him. He is now in anger management classes. I’ve asked him not to contact me but he does anyway, though he’s getting a bit better about it. He leaves me voicemail’s just sobbing, saying how sorry he is and he can’t believe he let his future wife slip away. One minute I’m the worst thing that ever happened to him, and the next he’s balling his eyes out missing me. When he went out with friends last night and was drunk, he called me nonstop. 64 missed calls at 1:30am! Thankfully my phone was on silent. I don’t know if maybe that is just how the grieving process works, or if he has some psych issues. He can be the nicest, coolest, sweetest, most fun guy in the world. But he can also be the most mean, manipulative, and controlling guy in the world.
Do you think after we have some time apart and he goes to anger management classes, I should give him another try, or just move on?
Please help, I really would appreciate some advice!
Not sure what I should do with my ex-boyfriend…really need advice!?
I’m going back in fourth on deciding if I should get back together with my ex boy/f. I was extremely physically attracted to him, and we had great chemistry which I never had with anyone else before. He was by my side while I was getting divorced, I leaned on him through the whole thing. He helped me find an apt when I moved out of my home. We go to the same church, enjoy the same activities, we just have fun together. He takes care of himself, is interested in nutrition and eating organically (like me), and truly knew me, sometimes better than I knew myself. He would always be the first to want to makeup after a fight. He liked to dance and go out, but also stay in and snuggle. He taught me how to communicate properly and talk things out. Sooo committed to me, through thick and thin. I don’t think he would ever leave me. I felt like he was everything I was looking for.
However, mixed with these great qualities were some bad ones. A lot of things would irritate him easily. He was always worried about guys hitting on me when I went out with my friends. I often felt like I was never good enough for him. He said I didn’t show enough appreciation when he would do things for me. I would always say thank you, but he wanted me to SHOW him my appreciation. I would try, but it would never measure up. He didn’t fully trust me. He already filed bankruptcy once, and is again in debt but assures me he’ll pay it off once he’s down with nursing school in 2 years. We argued a lot. He also was violent with me on some occasions. That it the main reason I left him. He is now in anger management classes, and is having group counseling with other anger management counselors. He’s attending church regularly, and says he’s finally found a relationship with God. He leaves me voicemail’s just sobbing, saying how sorry he is and he can’t believe he let his future wife slip away. He says it took something major like this to happen for him to really see what he lost. We’ve been broken up almost a month. One minute I’m the worst thing that ever happened to him, and the next he’s balling his eyes out missing me. He can be the nicest, coolest, sweetest, most fun guy in the world. But he can also be the most mean, manipulative, and controlling guy in the world.
Do you think after we have some time apart and he goes to anger management classes, I should give him another try, or just move on?
I just finished my bk chapter 7 and used Greenpath Debt solutions for my pre bk counseling. They were very good, and let me have the counseling without paying a fee due to my lack of funds. If you want, you can view my q&a page for details of my experience with this. Or feel free to email me with any questions at hansjill228@optonline.net. Good Luck.
And should anyone really care?
Many of these folks are making a million dollars a year. I’d have to work about 20 years to earn that much. So, in theory, they could simply work 2 years, bank the money, and live off the interest and a modest lifestyle for the rest of their lives.
Shame on them if they graduated from a 4 year college and never gained any common sense to know how to manage their personal finances.
It seems like you had a good relationship and that he is trying to get his issues under control. I would say give the relationship another try but take it slow. You should make it clear that if any of the bad things start happening again that the relationship is over.