Bankruptcy Questions and Answers

Should i foreclose or file bankruptcy

There are different types of bankruptcy, such as chapter 7 11 and 13 bankruptcy. Chapter 7 and chapter 13 are two kinds of personal bankruptcy, and chapter 11 bankruptcy is usually for corporations rather than individuals. Chapter 7 11 and 13 bankruptcy are three of the most common types, and are often confused.

Many people are unclear on the differences of chapter 7 versus chapter 13 bankruptcy. When an individual declares chapter 7 bankruptcy, his or her debt is discharged, either in part or entirely. With chapter 13 bankruptcy, all or part of the debt is paid, with an installment or payment plan. For individuals who are in debt over their heads, there are bankruptcy law attorneys available who can give bankruptcy tips and advice. To be eligible for chapter 7 bankruptcy, debtors have to pass a means test to prove that their income is less than the average median income based on the size of your family and which state you live in.

Falsifying bankruptcy forms is a serious offence, and is considered perjury. In the United States, bankruptcy fraud is a federal crime. Often times celebrities and professional athletes who were once millionaires but are no longer at the height of their careers end up declaring bankruptcy. According to Sports Illustrated magazine, more than 75 percent of all professional athletes are either already bankrupt or have serious financial issues only two years after retiring from their sports.
See this reference for more.

Comments

Skylar Watkins 01-06-2014, 14:13

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Alvin Simpson 01-07-2014, 16:17

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Renee hawkins 31-07-2014, 16:19

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Ruben Cox 30-08-2014, 16:56

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Glen Watts 29-09-2014, 17:54

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Perry Weaver 29-10-2014, 17:56

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Brianna White 28-11-2014, 18:59

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Michael Watts 28-12-2014, 19:01

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Aria Montomery 27-01-2015, 19:04

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Ruben Alexander 26-02-2015, 19:06

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Alex Patterson 28-03-2015, 18:09

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Julia Carter 29-04-2015, 16:23

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Ronald Moreno 29-05-2015, 16:27

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Darren Palmer 28-06-2015, 16:30

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Jay Johnson 28-07-2015, 16:32

Wow, it does seem like a lot of former athletes end up broke, but 75 percent? yikes! I had no idea it was that big of a percentage.

Leave a Reply

You must be logged in to post a comment.

Virginia Beach

Welcome to our web site where we bring you news, financial info and weather updates for Virginia Beach. Along the way we will give you some interesting reads on other topics as well.

Feed Readers

Virginia Beach News

No items.

Post Calendar

September 2013
M T W T F S S
« Aug   Oct »
 1
2345678
9101112131415
16171819202122
23242526272829
30