Me and a few people who dislike a company,is trying to get people to switch to there competitor that even costs less. This might bankrupt them some people say,So is this legal to do?

Free market economy.

As long as you aren’t violating a contract with them, it’s all fair game.

Being in debt is a scary experience. When you are faced with financial problems you feel fear, shame, embarrassment, depressed, etc. However it is during these dark hours that you really need to do your homework before you leap toward drastic solutions like bankruptcy as the best solution to your problems.

While bankruptcy is a legal tool and solution you can use to rid yourself of problem debt, there are consequences. If you go bankrupt and have assets like extra cash in the bank, investments, expensive collections, a home with equity, or something else of value, you could loose those things when you go bankrupt.

Basically bankruptcy works like this. When you go bankrupt you are telling the world that you are insolvent, unable to meet your obligations and pay your bills. Any assets you have will need to be disclosed and turned over for the court to dispose of in an effort to generate cash to repay your creditors.

Mistakenly, most people suffering through those the difficult emotions associated with their money troubles fail to actively seek out good advice and possible solutions until the last minute. By that time the number of good options and solutions that people can use to avoid bankruptcy are severely limited.

If you are hesitant to talk to friends or people that you know to openly discuss the extent of your debt situation, then the best advice would be for you to discuss your situation with at least a bankruptcy attorney, credit counseling organization, debt settlement company, lender, etc.

Here is some advice about what to look for when you are evaluating service providers.

Bankruptcy Professional – Bankruptcy is typically an administrative process, more science than art. There are thousands of pages of guidance written that helps to define how 95% of bankruptcy cases should be handled. When trying to decide which bankruptcy professional to use the best screening tool is to evaluate the quality of your relationship with the office.

If you feel that the staff in that bankruptcy office is willing to spend time answering your questions, treats you with care and does not make you feel like a widget being pushed through a bankruptcy factory, this might be the best office for you.

Consumer Credit Counseling Office – Almost most every single office that offers a debt management plan (DMP) to repay your debt is compensated by the creditors based on how much money they collect from you. The danger today is that a credit counselor does not negotiate with your creditors. Credit counselors are told what the formulas are to calculate your payment in a DMP.

Based on the individual creditor criteria your total monthly payment can be the same or higher than it is now, even though the creditor has reduced or waived the interest and fees they are charging you. Credit counseling can also leave a negative mark on your credit report.

Despite all this negative information about credit counseling debt management programs they can serve a useful purpose as a temporary fix which you seek out a more permanent solution.

Debt Settlement – Companies have appeared in different places that promise to eliminate your debt for only a fraction of what you owe by negotiating with your creditors. If you currently have good credit this might not be a good solution for you since a settled debt on your credit report often is a negative mark.

Typically a debt of 10,000 that is settled for 6,000 will show the remaining 4,000 as a write off or loss to the creditor. Additionally, people that do not have the funds at hand right now to settle their debt can only really accumulate the money by not paying their creditors. This typically accelerates the collection process and pressure on you while you are not paying.

Getting a Loan – If you don’t have any collateral or assets you can pledge to secure a loan you will find it difficult or impossible to find a lender. You may also be more likely to be a victim of a loan scam. Some nasty people charge consumers advanced fees for unsecured loans and then never get them the loan. If you do have a house that has equity that you can borrow against you might be able to reduce or eliminate you debt but you have to be very carefully.

It is also quite easy to get yourself overextended and lose the house through foreclosure or repossession if you can’t make the new payments. Don’t rely on the lender to determine if you can afford the new loan payment in addition to your other financial obligations. Lenders do not approve loans because it is a good move for the customer.

Lenders approve loans to make money. If they can originate a loan from you and sell it for a commission, they will. Many people have found themselves overextended and in worse shape by trying to borrow their way out of debt.

Rather than leap at the first possible solution that appears, the best solution is to investigate each option as early as possible and at the end of your investigative period you can then make a rational and informed decision about to best tackle the problem debt.

If you use this approach, you will also then have a good idea on how to best prioritize the other solutions so in case your first choice does not work out you are not left stranded.

There is no perfect or single solution for every debt crisis but by doing your homework and getting as much information as necessary, you’ll be able to make the best choice possible for you.

Steve Rhode
http://www.articlesbase.com/non-fiction-articles/common-mistakes-debtors-make-when-they-have-money-troubles-118929.html

I live in Greece since 25 years and it seems this country is on the verge of going bankrupt. I have no idea what that means for the common citizen. Anybody can give me some info. Thank You for answering.

Well, in the old world what would happen is people would sell their land to the highest bidder – usually the nearest imperial power.

Nowadays it’s more about economics and capitalist agendas though.

The U.S. Federal Government is in major extreme almost unsolvable debt, State governments sometimes go broke resulting in a shut down of services. So what happens when a state government goes bankrupt for a long period of time, say 6 months to a year? What if the Fed can’t give grants, and loans to keep state services open?

Bankruptcy of government will lead to anarchy since when government officials are no longer paid, they will stop working and will abandon their offices paralyzing entirely the government operations.

My friend and I have a condo. The loan is in her name and both of our names are on the title. She has filed bankrupt CH 7 and included the mortgage. What happens in this case when my name is not on the mortgage but it is on title?

You want to contact the mortgage holder right away and see if they will substitute your name for hers. There may be a small fee attached to this but it shouldn’t be over 1%. Of course, if your credit is not up to their standard, your goose is cooked unless you can get financing some other way and pay them off.

If you have a substantial equity and want to hold onto this property, you really should hire an attorney.

Even if the economy is in trouble, you can still find reasonably priced clothing from overcoats to shoes.  The trick is really to find something that is relatively inexpensive, great-looking, and well made.  So here are some ways for you to dress up like a rich guy even in recession (this is according to a well-respected men’s magazine called Esquire).

Best Buys

•    Choose a three-piece suit that stands out for its pattern and sharp cut.
•    Think of your briefcase as a long-term investment.
•    Best wool pants have a flat front and a narrow fit.
•    Best casual shirts are hemmed short so that you can wear it un-tucked.
•    The best overcoats keep out the chill.  Find a single-breasted cut because it is slimming and it will not let you drown in fabric.
•    There are casual shoes that cost about half compared to the main line, but still has the same character.
•    Cashmere can fall into two kinds – the depressingly expensive and the suspiciously affordable – choose something in between.
•    For jeans, purchase from the older brands – they are usually the ones that give the best quality.
•    For dress shoes, choose plain brown cap-toes that has a classic shape and high shine.
•    Buy casual jackets that are waterproof – this will provide enough warmth without physical and financial bulk.
•    The best blazers have details like working buttonholes and contrast pick stitching.
•    You can find leather jackets that are made with sheepskin – they usually get better with age.  

Keep the Suit Forever

Remember to buy yourself a classic suit.  If you buy the trendy ones and it goes out of style, you might not want to wear it again.  So after buying the suit, you can use some inexpensive tools in order to maintain it.

•    Garment-Suspension Device – this is another name for a hanger.  If you don’t hang your suit on this, you are actually cutting its life.  You should look for hangers with good quality: strong metal hooks and generous thickness on the shoulders.
•    Steam-Delivery Tool – dry-clean your suit once every year only.  If you do this more often, the process will only weaken the material as well as ruin its shape.  If you want the suit to look immaculate without dry cleaning, the ideal thing to do is to steam it.
•    Bristled Cleaning Device – another way to put off dry cleaning your suit is to use a suit brush and brush it regularly.  You must have seen your grandfather use it – before brushing, they air the suit beside a wide and open window, then they lay it flat either on a bed or table. 

Esquire’s Guide to Longevity

When you purchase any piece of clothing, you are the one responsible for making it last.  Here are some tips for you to use:

•    When washing your jeans, turn it inside out in order to preserve its indigo dye and the cotton fiber structure (add 2 years).
•    Wash cashmere and wool by hand, and use only detergents that are knitwear-specific (add 2 years).
•    Roll untied ties rather than hanging them.  This will allow the running stitch in the spine to relax (add 5 years).

Benedict Yossarian
http://www.articlesbase.com/fashion-articles/calling-all-men-you-can-still-look-good-without-going-bankrupt-739174.html

I’ve heard several candidates claim that by spending too much we go bankrupt? how is a nation with our economic status exactly go bankrupt ?

I’ve never taken an economics course so this idea of a nation going bankrupt is very confusing to me.
Yeah but don’t we always spend more than we have, and just have the fed print the rest of the cash needed or borrow it from another nation ?

A country can’t really go bankrupt, but it can get to the point to have such poor credit that it has a hard time borrowing.

If you want to see a current example read a little about Zimbabwe. Once a relatively prosperous african nation, now has inflation so high it can not be calculated (over 8000%), food shortages, despite once being an exporter of food. Sad, but that is what happens to a nation in bankruptcy.

And the US is not even close to that, but that is no excuse to get worse rather than better, eh?

If I am shorting stocks in a company that eventually goes bankrupt, will I be able to buy to cover? What happens?

When a company files for bankruptcy, the stock generally dives immediately to under a dollar a share, but still trades for pennies a share during the bankruptcy process (which can take more than a year). In some cases, the company emerges from bankruptcy with some small amount of value left in the common stock (which is why some people are still willing to buy it during the bankruptcy process). Most that I’ve seen however emerge from bankruptcy with the stock canceled (and therefore worthless).

You can buy to cover at any time during the process. The stock will probably get kicked off the major exchanges and end up on the pink sheets, but you can still buy it there – just be sure to use a limit order. Or you can wait until the process is over and if the stock is canceled and worthless, you will not have to buy it back at all and will get to keep all the cash you received when you sold it short.

Even if the economy is in trouble, you can still find reasonably priced clothing from overcoats to shoes.  The trick is really to find something that is relatively inexpensive, great-looking, and well made.  So here are some ways for you to dress up like a rich guy even in recession (this is according to a well-respected men’s magazine called Esquire).

Best Buys

•    Choose a three-piece suit that stands out for its pattern and sharp cut.
•    Think of your briefcase as a long-term investment.
•    Best wool pants have a flat front and a narrow fit.
•    Best casual shirts are hemmed short so that you can wear it un-tucked.
•    The best overcoats keep out the chill.  Find a single-breasted cut because it is slimming and it will not let you drown in fabric.
•    There are casual shoes that cost about half compared to the main line, but still has the same character.
•    Cashmere can fall into two kinds – the depressingly expensive and the suspiciously affordable – choose something in between.
•    For jeans, purchase from the older brands – they are usually the ones that give the best quality.
•    For dress shoes, choose plain brown cap-toes that has a classic shape and high shine.
•    Buy casual jackets that are waterproof – this will provide enough warmth without physical and financial bulk.
•    The best blazers have details like working buttonholes and contrast pick stitching.
•    You can find leather jackets that are made with sheepskin – they usually get better with age.  

Keep the Suit Forever

Remember to buy yourself a classic suit.  If you buy the trendy ones and it goes out of style, you might not want to wear it again.  So after buying the suit, you can use some inexpensive tools in order to maintain it.

•    Garment-Suspension Device – this is another name for a hanger.  If you don’t hang your suit on this, you are actually cutting its life.  You should look for hangers with good quality: strong metal hooks and generous thickness on the shoulders.
•    Steam-Delivery Tool – dry-clean your suit once every year only.  If you do this more often, the process will only weaken the material as well as ruin its shape.  If you want the suit to look immaculate without dry cleaning, the ideal thing to do is to steam it.
•    Bristled Cleaning Device – another way to put off dry cleaning your suit is to use a suit brush and brush it regularly.  You must have seen your grandfather use it – before brushing, they air the suit beside a wide and open window, then they lay it flat either on a bed or table. 

Esquire’s Guide to Longevity

When you purchase any piece of clothing, you are the one responsible for making it last.  Here are some tips for you to use:

•    When washing your jeans, turn it inside out in order to preserve its indigo dye and the cotton fiber structure (add 2 years).
•    Wash cashmere and wool by hand, and use only detergents that are knitwear-specific (add 2 years).
•    Roll untied ties rather than hanging them.  This will allow the running stitch in the spine to relax (add 5 years).

Benedict Yossarian
http://www.articlesbase.com/fashion-articles/calling-all-men-you-can-still-look-good-without-going-bankrupt-739174.html

I am writing a play and in order for the plot to work better, I need to make a female character go bankrupt, or at least suddenly loose a significant amount of money. She could be any sort of celebrity (depending on how she goes bankrupt), but I’d prefer if she was a singer or an actress. The way in which she goes bankrupt or looses money should be very sudden and humiliating, but somewhat humorous for her friends to tell about.

So tell me your creative suggestions for ways she could go bankrupt or loose lots of money!

Thanks!

An artist or actress earns $3 million a picture – has a bomb and then interest dries up and either has to take less or doesn’t work for a while. Meanwhile they’ve built a lifestyle that takes that $3 million every year or so to support. The income can dry up a lot faster than the scaling back of lifestyle.

And it’s lose, not loose in this case.

good luck!

I like rpg’s idea – victim of a Ponzi scheme – like Bernie Madoff