Bankruptcy – Recap

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Bankruptcy Recap. Bellwork. What is the difference between chapter 7 and chapter 13 bankruptcy? What are 3 consequences of bankruptcy? Standard 1.2 and 1.3 Quiz Tomorrow Impact of advertising Bankruptcy Consequences What is it? Law changes Chapter 7 vs. chapter 13 - PowerPoint PPT Presentation

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Bankruptcy Recap

Bankruptcy RecapBellworkWhat is the difference between chapter 7 and chapter 13 bankruptcy?What are 3 consequences of bankruptcy?

Standard 1.2 and 1.3 Quiz TomorrowImpact of advertisingBankruptcyConsequencesWhat is it?Law changesChapter 7 vs. chapter 13Factors that lead to bankruptcy (safe limits)

The United States Courts website offers several videos on the bankruptcy process. Click on the screen to go to their site.3http://www.uscourts.gov/Multimedia/Videos.aspx?video_url=http://www.uscourts.gov/video/source/BankruptcyBasics/bb1.f4v&video_image=/uscourts/video/BankruptcyBasics/images/preview1.jpg&video_id=bb1

4http://www.uscourts.gov/Multimedia/Videos.aspx?video_url=http://www.uscourts.gov/video/source/BankruptcyBasics/bankruptcy-eng_2-types_low.f4v&video_image=/uscourts/video/BankruptcyBasics/images/preview2.jpg&video_id=bb2Are Julee and Jimmy in Trouble?You usually can afford a maximum monthlky rent or mortgage payment of 25-28% of your monthly gross (before tax) income. (If you are a homeowner, this percentage includes your principal and interest mortgage payment, real estate taxes and insurance)Your rent or mortgage payment plus other monthly debt payments should not exceed 36% of your gross monthly income (this means that your other monthly debt payments, including credit cards, should be about 8% of your monthly gross income.Emergency savings = 3-6 months of your expenses TIPS TO REMEMBER6Keep track of your daily expenses.Save money on a regular basis.Make changes right away if you see yourself starting to get into financial trouble.Pay attention to your household finances, especially if you are married.

6 Keep track of your daily expenses. Even the little expenses, such as a cup of coffee, can add up. Once you know exactly where the money is going, you can figure out where to cut back. No matter how well you are doing financially, dont forget to save money on a regular basis. If you see yourself starting to get into financial trouble, make changes right away. Debt can get out of control quickly. Pay attention to your household finances, especially if you are married. Many people get into trouble after a divorce or death of a partner when they have no idea where their money is and are inexperienced with keeping financial records.

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