1. Well, you don’t pay for most things in full in America. You’ve got car payment, health insurance, mortgage etc.
You pay for all these on a monthly. You are almost living on credit, but you enjoy quality life.
You pay for all these on a monthly. You are almost living on credit, but you enjoy quality life.
2. When you can no longer pay the mortgage, the bank repossess your house in foreclosure. When you miss your payments for a good number of months, you can either refinance your mortgage or sell.
3. But when you are out of options with bills & debts piled up & can no longer earn, you file for bankruptcy.
The thing is bankruptcy messes with your credit rating, it puts your credit score in a very bad shape. It tells lenders that you are not credit worthy.
The thing is bankruptcy messes with your credit rating, it puts your credit score in a very bad shape. It tells lenders that you are not credit worthy.
4. The good thing is, it tells the IRS that you are no longer eligible for tax deductibles.
Because you do not earn regular income anymore, except your pension checks (if you are retired) or disability checks (if you are on disability).
Because you do not earn regular income anymore, except your pension checks (if you are retired) or disability checks (if you are on disability).
5. Once you can earn, you aren’t eligible for bankruptcy protection.
So there are many routes to follow, to get yourself out of the woods or just enjoy quality life, without necessarily earning. America offers you various alternatives, it all depends on your earning power.
So there are many routes to follow, to get yourself out of the woods or just enjoy quality life, without necessarily earning. America offers you various alternatives, it all depends on your earning power.
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