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Bankruptcy

By: Wealthy Tan Remember one of the most popular board games of the 80’s and 90’s Monopoly? It’s a game of luck and business savvy in the miniature scale. It is a cutthroat game that deals with a slice of the business world. In this game, the world you’ll hate to be associated with ism, of course, the word “bankruptcy.” When the money is gone, then this is the legal move to do.
When debt is high and the chance of paying is slim, then man can do nothing more but to accept his current state of financial lows. To salvage yourself from the painful price of crime and punishment, the best legal action that a person should commence with is the filing of bankruptcy. Interestingly, bankruptcy is more than what it seems it is. There are two types of bankruptcy, the Chapter 7 and Chapter 13 bankruptcy.
With the chapter 7 bankruptcy, you are given everything you were able to pay. In this case, at least something goes back to you and the legal recrimination is not that harsh yet. With this, you are given at least a bit of material value to begin a new financial venture. In the real world, everything left to you can be the very slim thread that will save you from the pit of eternal despair. This is the good thing about Chapter 7 bankruptcy.
In chapter 13 bankruptcy, on the other hand, the consumer is given the blame and is the one made responsible. In this case, it is the consumer who pays for the debts to avoid foreclosure. This is the mother of all bankruptcies and it should really be avoided. Fact of the matter is: pay debts when debts have to be paid and do not delay. If you think you cannot pay a debt then do not even go into it. There’s nothing like careful examination before you go forth with what you do.
The business world is a hazardous world where the slightest mistake can prove to be the worst mistake you ever made. To file a bankruptcy is the last leg in a failure but it is also the start of a brand new financial venture. It means that there is another chance to relinquish lost morale and to save yourself from utter the pain and suffering drawn from humiliation. This is the evident reality when money flies away – bankruptcy.
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