Fred and Wilma Flintstone

Fred and Wilma Flintstone
A. Before you file for bankruptcy, you are almost always required to receive credit
counseling within 180 days before filing your case. Legal counsel is not a requirement for
individuals filing for bankruptcy, but the U.S. government strongly urges you to seek the
advice of an attorney. Before you prepare to file for bankruptcy, keep in mind that the
process must be completed in a federal court rather than a state court and can cost several
hundred dollars in fees.
B. There are many types of bankruptcy but the most common types are Chapter 7 and
Chapter 13.
a. Chapter 7: Under this your debts are discharged and you are no longer responsible
for repaying them
b. Chapter 13: Involves repaying some of your debts to have the rest forgiven. Its
an option for people who do not want to give up their property or do not qualify
for chapter 7 because their income is too high.
c. Chapter 9: May only be applied to municipalities such as cities or towns and
allows for their reorganization.
d. Chapter 11: This chapter is almost always used to reorganize businesses but may
be used by individuals as well.
e. Chapter 12: is used exclusively to adjust the debts of a family farmer or family
fisherman.
f. Chapter 15: applies to cross-border cases, in which the debtor has assets and debts
both in the United States and elsewhere.
C. Certain states allow exemptions in particular property categories that are not allowed in
others, and the amounts typically vary considerably from state to state. A person who
executed a mortgage has already agreed to be responsible for paying it until it is paid off.
Categories:
a. homestead,
b. personal property,
c. wages,
d. pensions,
e. public benefits,
f. tools of the trade,
g. miscellaneous
h. "Wild card" (an exemption you can claim for an object that normally wouldn't
qualify).
D. Chapter 7: $306; Chapter 13:$281
E. Although going bankrupt is an effective way to wipe out most or all debt obligations,
there are long-lasting consequences. Bankruptcy will negatively affect your credit and
future ability to use money. It may prevent or delay foreclosure on a home and
F.
G.
H.
I.
J.
repossession of a car. It can also stop wage garnishment and other legal actions of
creditors attempting to collect debts.
As early as 1-2 years after bankruptcy you may be able to receive a home loan. The
bankruptcy record itself will be removed after 7-10 years depending on the chapter that
you filed.
CCCS stands for Consumer Credit Counseling Services. Every counseling office in the
CCCS network offers a common set of services, including financial education, budgeting
assistance, and Debt Management Plans
Provides nonprofit credit counseling, debt management plans, debt consolidation and
financial education services to consumers nationwide.
Yes. It will help them to learn how to budget their money and how to save. It will provide
them with counseling on their money and all the debt that they are in.
The Debt Management Plan: $0-$30, Bankruptcy Counseling Certificates: $50 each, etc.
Fred and Wilma Flintstone Essay

Fred and Wilma Flintstone problem all started when they began to use their credit cards.
They have maxed out seven credit cards in all and now stuck in debt. Fred and his wife now have
trouble finding money for food and many other things due to the stress of their financial situation.
Their marriage is suffering because they spend a lot of time arguing about their money problem.
They finally decided to file for bankruptcy but realized they do not have enough for any legal fees
to file. The big question is, is how will they ever get out of this problem.
Before filing for bankruptcy there is a lot you have to think about. Although going
bankrupt is an effective way to wipe out most or all debt obligations, there are long-lasting
consequences. Bankruptcy will negatively affect your credit and future ability to use money. It
may prevent or delay foreclosure on a home and repossession of a car. It can also stop wage
garnishment and other legal actions of creditors attempting to collect debts.
There are many types of bankruptcy but looking at Fred and Wilmas situation they
should go with Chapter 7. Under Chapter 7 your debts are discharged and you are no longer
responsible for repaying them. A typical Chapter 7 bankruptcy case is opened and closed within
three to six months, and the person filing emerges debt-free except for a mortgage, car payments,
and certain other types of debts, such as student loans, recent taxes, and unpaid child support.
It will take a while to fully recover from bankruptcy. The maximum take takes up to
about 10 years. This actually depends on the chapter that was chosen.
Fred and Wilma should definitely consider CCCS. CCCS stands for Consumer Credit
Counseling Services. Every counseling office in the CCCS network offers a common set of
services, including financial education, budgeting assistance, and Debt Management Plan. CCCS
provides nonprofit credit counseling, debt management plans, debt consolidation and financial
education services to consumers nationwide. It will help them to learn how to budget their money
and how to save. It will provide them with counseling on their money and all the debt that they
are in.

Fred and Wilma Flintstone

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Fred and Wilma Flintstone

Fred and Wilma Flintstone Essay

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