I read about Bankruptcy and what bill collectors can or cannot do. I choose this topic because of the rapid growth of foreclosure houses for sale in my neighborhood. I know that foreclosure happens when one starts to miss a lot of payments in the loan or mortgage so I decided to read up on it. It was a very informative article. There’s also the reason that anyone who is poor at planning or has an extravagant taste in purchases might end up in a big debt and therefore, bankruptcy might be the option for them. I wanted to learn about the good and the bad sides of it.
There were many things that surprised me that I happen to find in the article. I wanted to know what you could lose when you file for bankruptcy. Surprisingly enough, there’s a lot of options when it comes to filing for it. Everyone can learn from this article/ topic about what their rights are at the point when they’re in debt to creditors or stores. They can also learn about what one can do about debt collectors or what steps should be taken if anyone is harassing them. First of all, owing debts alone can’t get anyone in jail besides if they owe child …show more content…
It is 9% per year so; if one person takes too long to pay it off they will be paying a lot more that what it originally was. I was finally getting to see the protected part of the person who owes a debt. There are certain income and property that are secured from a creditor for example your welfare check, SSI, Pension and even unemployment check. One’s wedding ring is also in that list unless the item is being used as a collateral to get the loan. Generally only one creditor can only take part of your paycheck to fulfill the amount you’re in debt for. Also, they are only allowed to take 10% of your wage. But if one owes child support it can be up to 60% of their wage. If one has the ability to pay child support but refuses due to negligence they may end up in
There were many things that surprised me that I happen to find in the article. I wanted to know what you could lose when you file for bankruptcy. Surprisingly enough, there’s a lot of options when it comes to filing for it. Everyone can learn from this article/ topic about what their rights are at the point when they’re in debt to creditors or stores. They can also learn about what one can do about debt collectors or what steps should be taken if anyone is harassing them. First of all, owing debts alone can’t get anyone in jail besides if they owe child …show more content…
It is 9% per year so; if one person takes too long to pay it off they will be paying a lot more that what it originally was. I was finally getting to see the protected part of the person who owes a debt. There are certain income and property that are secured from a creditor for example your welfare check, SSI, Pension and even unemployment check. One’s wedding ring is also in that list unless the item is being used as a collateral to get the loan. Generally only one creditor can only take part of your paycheck to fulfill the amount you’re in debt for. Also, they are only allowed to take 10% of your wage. But if one owes child support it can be up to 60% of their wage. If one has the ability to pay child support but refuses due to negligence they may end up in