Making a lot of money doesn’t always mean you can hang onto it. Multiple celebs have made some seriously questionable decisions or simply trusted the wrong people and ended up broke or bankrupt. But these celebs gone broke have lessons to teach us all.
When you have so much debt that it seems like you’ll never pay it off, bankruptcy can seem like your best or only option. But declaring bankruptcy carries long-term consequences that make it worth avoiding if you can. Learn how to avoid bankruptcy and why you should consider your other alternatives.
Many people who file for bankruptcy look at it as a chance to erase their debt and start over. Although that’s true for some bankruptcy cases, not all debts are treated equally. Read on to learn how different types of debt are treated in bankruptcy and how you can avoid any surprises in the process.
Few life events are as stressful as bankruptcy. Every penny, asset, and source of income is put under the microscope for dissection. When it’s over and you finally receive your discharge or dismissal, you realize you’ve only reached the end of one set of challenges. Yes, the bankruptcy and debt collection threats are behind you,
The best offense is frequently a good defense. No matter how astute a business person you are, or how skilled you are as an investor, or how lucky you are with your lottery tickets, it does little good if you leave your assets hanging like a slab of meat in the water for trial lawyers
The main issue that discourages most people from filing bankruptcy is the detrimental effect is has on their credit. It’s true that a bankruptcy can stay on your credit report for up to ten years and it seriously hurts your credit score. However, not filing for bankruptcy and allowing your debts to go to collections
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You’re borrowing it. Do it wisely.