Bankruptcy In Anaheim carries something of a stigma in many people’s minds which is partly based on those old “Victorian” novels featuring poorhouses and debtors’ prisons and partly thoughts of more recent fraudsters who used bankruptcy as a means of getting away with their ill-gotten gains. The whole subject somehow stinks of something illicit.
If we look at the list of the top ten bankruptcies in the US (in terms of $ value involved) we see:-
* Lehman Brothers Holdings, Inc. at $691,063,000,000
* Washington Mutual at $327,913,000,000
* Worldcom, Inc. at $103,914,000,000
* General Motors at $82,290,000,000
* CIT Group at $71,000,000,000
* Enron Corp. at $65,503,000,000
* Conseco, Inc. at $61,392,000,000
* MF Global at $41,000,000,000
* Chrysler at$39,300,000,000
* Thornburg Mortgage at $36,521,000,000
There are some pretty well known names in that list; some highly respectable; some widely seen to be in disrepute; but, in all cases, the money involved is large – where did it come from and where did it all go to? Remember, the dictionary states “the inability to pay ones debts” as the main definition of bankruptcy. With a number of financial institutions on the list; you have to wonder how such “financial wizards” got their sums so wrong. Unless, that is, they did it maliciously?
Against this background, when you hear that your next door neighbour has filed for bankruptcy, can anyone blame you if you have suspicious thoughts? In most cases of individual bankruptcy, it is not really the individual’s bad intentions that have led them to the bankruptcy courts – ill considered actions; maybe; but, criminal; probably not.
For example, statistically, it is claimed that the majority of personal Bankruptcy In Anaheim is the result of inability to pay high medical bills. People in this or similar situations should seriously consider filing for bankruptcy in Anaheim for their own protection when insurance companies, hospitals, mortgage providers or even banks and credit card companies are demanding immediate pay back of all outstanding debts. If it gets to the point where your house is sold from under you and the proceeds handed over to your creditors; what chance do you have of ever getting back on your financial feet? Under bankruptcy laws, possibilities exist for the bankrupt to have some of his assets protected so as to allow him to continue working and have the chance to eventually clear his debts.
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