The Big Bill Essay

Submitted By xonicole2014
Words: 1133
Pages: 5
Open Document
Nicole Havens
Mrs. Scherer
English 9R/10R
14 Nov. 2012
The Big Bill

Filing for bankruptcy is a way for people who are in over their heads with debt can have a fresh start with their credit history. Bankruptcy is the only way for many insolvent debtors to get a clean slate. The definition of bankruptcy is any insolvent debtor; a person unable to satisfy any just claims made upon him or her (dictionary.com). In 2009 a record 3000,000,000 people had filed for bankruptcy that year, which is about 1 in 70 households (thebankruptcylawyer.com). When filing for bankruptcy, debtors can file themselves or creditors can ask the court to order someone bankrupt. Bankruptcy affects society by adding to national debt, ruining credit scores, and adding extra stress to family life. The bankruptcy process was originally supposed to help the economy, it encourages borrowing and spending as well as risk for businesses (Nicholson, ehow). Over the years bankruptcy has added to national debt, which currently stands at $16 trillion. Many people file for bankruptcy in desperation to save their credit scores and get out of debt, while the larger economy will end up suffering from the bankruptcy bill (Alter, 45). While most is from borrowing and spending money from other countries, small consumer and business bankruptcies have added to this astonishing number of debt. Bankruptcy filings have doubled to more than 1.6 million in the past couple years (Alter, 45). Some blame the economy, while many experts say it’s the lack of budgeting that sends family’s over the edge in debt. Not only are consumer and business credit scores at risk, the whole countries credit rating is a teetering risk. Filing for different chapters can save the credit history, but there is no promise that it will not decrease your credit score. In most cases, filing for bankruptcy can decrease someone’s credit score by as much as 300 points (Polyak, 107). Many have to take a test to file for bankruptcy to be sure they qualify, and can pay back the minimum that will be charged (Jet, 23-25). There are different types of bankruptcy to file for, such as chapter 7, 9, 11, 12, 13, and 15. Chapter 7 takes about 4 months and is the same thing as liquidation. Chapter 13 only requires you pay a reduced amount of your debts over a certain amount of time usually about 5 years (Polyak, 107-109). Chapter 11 is for businesses in debt and helps them start a clean slate and get rid of their liabilities (Shell, 44-63). Business bankruptcy can sometimes save the company, while consumer bankruptcy only has negative effects. Bankruptcy helps people get out of debt and have a clean slate, but it takes about 10 years to rebuild credit history and get back to a solvent state. Debts and bankruptcy take a large toll on family and home life. 80% of divorces are due to debt and bankruptcy (Read, News-Herald). Budgeting in most solvent homes is a big part of a family especially if two incomes are shared. Families in debt face the fear of someday possibly losing their homes or cars. The added stresses of debts are what send some couples into divorce. Some say they only stay together because the cost of splitting up would be too expensive. Attorney and counseling fees usually range from $700-$1,000 (Polyak, 107-109). Some families cannot afford bankruptcy, so therefore are forced to deal with overwhelming bill collectors and paying back the debt at full. If one person in the relationship is insolvent, they can file bankruptcy alone and it would only affect their credit, but it would still put distress on the whole family. The longer you wait the more and more your debt builds up and interest payments get higher. On the other hand, families who do file for bankruptcy have to deal with the stress of getting back on their feet afterwards. Creating a budget and saving your money is the best way to avoid bankruptcy as well as get back to a solvent state after filing. Rebuilding a
Show More

Related Documents: The Big Bill Essay

Bill Gates Research Paper

10 November 2015 “To win big, sometimes you have to take big risks.” Bill Gates is one of the richest men in the world. There is something, though, that most people don’t know about him. Something that still needs to be diagnosed. Bill Gates is someone who has overcome his disorder; He is believed to have asperger's syndrome, he overcame it, and continues to be successful. Bill Gates is a millionaire, believed to have asperger’s syndrome. Bill Gates was born October 28th, 1955. When…

Words 460 - Pages 2

Hot Dog Lazy Daisy's Nicknames

of fog, but there was still one question to be answered: Why had they sold it to us for only five dollars? Big Guy, Buffalo Bill, Hot Dog, Lazy Daisy and I finally landed after a 5 hour long plane ride. Everyone had a nickname except for me. Big Guy’s nickname was that because he is a muscular man big guy. Buffalo Bill’s nickname is that because he used to ride buffalos and his name is bill. Hot Dog’s nicknames is that because he likes to eat A LOT of hot dogs. And Lazy Daisy’s nickname is that because…

Words 2216 - Pages 9

Kill Bill, Volume 1:  Purging the Female Stereotype in Films Essay

Kill Bill, Volume 1: Purging the female stereotype in films Kill Bill, Volume 1 was vital in the purging, even eradicating the female stereotype in films. “Wiggle your big toe.” The toe doesn’t move. “Wiggle your big toe.” (Tarantino) It doesn’t move. The Bride played by actress Uma Thurman is really Beatrix Kiddo, but is known as Black Mamba as well as Arlene Machiavelli; her real name is bleeped out during Kill Bill, Volume 1 as she recounts the situation which led her to being in…

Words 1013 - Pages 5

of clay Essays

did so by adding a Bill of Rights. Framers of the Constitution disagreed with the fact of adding the Bill of Rights to the constitution because they felt it was “Invading on people’s personal lives.’’ The causes of the disagreement is over the Bill of Rights is people had different opinions if the Bill of Rights should really be added, the effects would be letting the people choose if there should be a Bill of Rights , and a big political debate. One of the amendments from the Bill of Rights that is…

Words 373 - Pages 2

Pleasantville Movie Analysis

can lead to a better life for everyone. Bud decided to take responsibility for the people of “Pleasantville” because he know that there is more to life then what they have right now. For examples the scene where Bill Johnson was waiting for Bud at…

Words 494 - Pages 2

Abuse and Niece Jane Essay

Introduction Bill is a man that has dementia and lives with his niece Jane. He oftens asked the same questions regularly this annoys Jane because she thinks he is doing this on badness, so she shouts into his face this scares and she also pushes him onto his bed, this causes bruising to Bill. This abuse is both physical and psychological abuse. Physical abuse is abuse that hurts the person the body and psychological abuse is harming the person’s mental state. With some forms of abuse in the UK physical…

Words 686 - Pages 3

Internet Regulations Essay

the military with communications, but since 1982 and the invention of TCP/IP (smith), the internet opened to the public and gave the means for people to communicate and access information, from across the globe. Sharing information and data is a big part of what makes up the internet so freedom of speech and idea play an important role for some who use it. Data can be copied, uploaded by one party and then downloaded by another party. This causes concern for those who own intellectual property…

Words 856 - Pages 4

Persuasive Essay On Transgender Bathrooms

The transgender bathroom bill is a law made up by the government to prevent transgender people from using their preferred bathroom, even though they have been doing it since gender separated bathrooms came into existence. The main reason most states are passing the bill is because the idea was brought up that men would pretend to be transgender to rape women. The transgender bathroom bill also seems to be slowly splitting America right down the middle, with some states passing it and others deciding…

Words 737 - Pages 3

Biggus Berthacus Research Paper

in the west and his name was Bill Harold. Just an average joe, indeed. Until one day, everything changed. You see, Bill fell for a woman with such pretty eyes and nice long hair. One day, he tried to get her to marry him using all sorts of romance and talk. She rejected him, and he grew into a great depression. He locked himself away inside his house, eating…

Words 806 - Pages 4

Dr. Ben Carson Research Paper

stated in the acronym THINK BIG. It stands for Talent, Honesty, Insight, Nice, Knowledge, Books, In Depth learning, and God. the most important ones to me are honesty, knowledge, and talent. They are the three big parts of succession. I believe to succeed those three things should happen. All of these are also needed for a good character. “ Success is always temporary. When all's said and done, the only you’ll have left is your character.” Honesty. Honesty is a big part in succeeding your dreams…

Words 555 - Pages 3