Liquidating debt

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On another occasion I was visiting some friends – a married couple.

The guy was showing me his new TV and video game system.

After a Debtor has filed a case (i.e., "petition"), creditors must stop all collection efforts against the Debtor for a period of time, unless they get permission from the bankruptcy court to continue. For filing requirements, please refer to the United States Bankruptcy Code (Title 11, United States Code), the Federal Rules of Bankruptcy Procedure (Bankruptcy Rules), and the Local Rules of the U. Bankruptcy Court for the Middle District of Florida. Only a licensed attorney can give you legal advice.

This protection from collection efforts is referred to as the "automatic stay."The Bankruptcy Code and Federal Rules of Bankruptcy Procedure determine which chapter one is eligible to file, which debts can be eliminated, how long repayment must continue, which possessions can be kept, etc. Bankruptcy petition preparation services are listed in the telephone book.

While most of the country has been focused on the inauguration of Donald Trump, a very real crisis has been brewing behind the scenes. When you break that number down, it comes to more than a hundred million dollars every single hour of every single day while Obama was living in the White House.

And for all the Beginner Mustachians in attendance today, I would like to share one of these observations: Let’s illustrate what I mean with a few examples: One time, I lent money to a friend so he could pay his university tuition.The cash came right out of my own bank account, and since I had already paid my own tuition, I had just enough left to cover my groceries and other expenses for the school year.After the loan, that left pretty much nothing, but I assumed that my friend would have the balance paid back within just a few paychecks. We don’t talk about cutting up our credit cards, or clipping coupons to save .00 on the newest Swiffer mop, or making a budget that forces us to save 10% of our income while we devote the rest to “guilt-free spending”.I don’t talk about my own personal battle with consumer debt and how much I struggled to get out of it, because come on, I am Mr. I was cleaning and ironing my five dollar bills and storing them meticulously in a photo album at age ten*, I was never going to go out and spend so much on my credit card that I couldn’t pay it back at the end of the month!

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