There was a time when bankruptcy was probably the biggest stigma that could be attached to anyone in business. Thankfully those days are long gone. Today, bankruptcies are fast, efficient and frequent court procedures designed not as a punishment for the creditor, but as a means of drawing a line under un-payable debts and allowing everyone to move on. While most people would not exactly like to be made bankrupt, in most cases where it becomes necessary, it is seen as a welcome release rather than a humiliating penalty.
When You Become Bankrupt
Bankruptcy is what happens when you simply cannot repay your debts. How it comes about is one of your debtors, someone who you owe more than £1,500 to, will ask the court to make you bankrupt. A trustee will be appointed to carry out the task and then all your creditors will inform him of how much you owe them. He will gather up all of your assets, and use them to pay off the debts. Creditors will be paid proportionately, which means that if your assets are not enough to pay off the debts in full, they will each get the same proportion of their debt repaid.
What Are Bankruptcy's Disadvantages?
The disadvantages of this are obvious. By gathering up all your assets, the trustee will essentially leave you with nothing. Your home, your car, your savings, everything that he considers a worthwhile asset will be gathered up and sold. If you have a family, it can be quite traumatic, as they have to leave their home. If you rent your home then this will not affect you, as there is nothing there for the trustee to take. Your personal effects such as clothes and most furniture, will not be taken by the trustee, as they are considered too personal and insignificant to take.
And The Advantages?
The advantage of going bankrupt however is that it gives you a clean slate. Regardless of how much you owe, and how much you can afford to pay back, at the end of the process, you will emerge with a completely clean slate and will not owe anybody anything. Even if someone forgot to make a claim to the trustee, you will no longer owe them anything.
The Future After Bankruptcy
After your bankruptcy has been finalised and you have moved on you will be able to start rebuilding your financial, and probably personal, life again. Bad credit ratings will ensue, but rebuilding your credit is possible. Just like a child, baby steps are all that is required. Step by step, more credit options will become available and after several years your credit rating will become ‘average' if you keep focused and don't fall into any quick fix traps.
While the process of bankruptcy may take a while, during which you will not be able to control your finances and may have to give part of your income to the trustee, it is generally seen as worth it, and you will emerge ready to make a new start.
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Effects Of Bad Eating
People are obsessed with dieting and weight loss! Don't believe me? Just tune-in to any source of advertising...you're instantly bombarded with the latest diet schemes and "Hollywood" food fads. Here in America, we have built a thriving industry trying to control our weight and treat the consequences of over-indulgence. The cost of weight loss and obesity related health care treatments is staggering...Americans alone spend around $114 billion every year! And even with all this interest in losing weight, we continue to pack on the pounds like never before...
- A whopping 64 percent of U.S. adults are either overweight or obese...up about eight percent from earlier estimates.
- Among children and teens ages 6-19, 15 percent or almost nine million are overweight...triple the rate in 1980!
- Nearly one-third of all adults are now classified as obese.
For Americans, modern life may be getting TOO easy. Our cushy lifestyle means we expend less energy and consequently need fewer calories to sustain our normal body weight.
Think about it for a moment...
Entertainment no longer requires energy expenditure. In fact, it's usually quite the opposite. We now entertain ourselves in the comfort of our own home while watching TV and munching on our favorite snack. Whether it's television, computers, remote controls, or automobiles, we are moving less and burning fewer calories. Common activities that were once a part of our normal routine have disappeared...activities like climbing stairs, pushing a lawn mower or walking to get somewhere.
And please do not misunderstand me...I appreciate comfortable living just as much as the next person. But, here is the problem...
With all of our modern day conveniences and "cushy" style of living we have not adjusted our caloric intake to compensate for our decreased caloric expenditure. We consume more calorie rich and nutrient deficient foods than ever before. Consider a few of the following examples comparing what we eat "today" vs the 1970's (U.S. Department of Agriculture survey):
- We are currently eating more grain products, but almost all of them are refined grains (white bread, etc.). Grain consumption has jumped 45 percent since the 1970's, from 138 pounds of grains per person per year to 200 pounds! Only 2 percent of the wheat flour is consumed as whole wheat.
- Our consumption of fruits and vegetables has increased, but only because French fries and potato chips are included as vegetables. Potato products account for almost a third of our "produce" choices.
- We're drinking less milk, but we've more than doubled our cheese intake. Cheese now outranks meat as the number one source of saturated fat in our diets.
- We've cut back on red meat, but have more than made up for the loss by increasing our intake of chicken (battered and fried), so that overall, we're eating 13 pounds more meat today than we did back in the 1970's.
- We're drinking three times more carbonated soft drinks than milk, compared to the 1970's, when milk consumption was twice that of pop.
- We use 25 percent less butter, but pour twice as much vegetable oil on our food and salads, so our total added fat intake has increased 32 percent.
- Sugar consumption has been another cause of our expanding waistlines. Sugar intake is simply off the charts. People are consuming roughly twice the amount of sugar they need each day, about 20 teaspoons on a 2000 calorie/day diet. The added sugar is found mostly in junk foods, such as pop, cake, and cookies. In 1978, the government found that sugars constituted only 11 percent of the average person's calories. Now, this number has ballooned to 16 percent for the average American adult and as much as 20 percent for American teenagers!
Unfortunately, it would seem that the days of wholesome and nutritious family dinners are being replaced by fast food and eating on-the-run. We have gradually come to accept that it's "OK" to sacrifice healthy foods for the sake of convenience and that larger serving portions equate to better value.
It's time recognize that we are consuming too many calories and time to start doing something about it! Each of us can decide TODAY that healthy eating and exercise habits WILL become a normal part of our life!
We can begin by exploring our values, thoughts and habits... slowly and deliberately weed-out the unhealthy habits and activities and start living a more productive and rewarding life. And remember, it has taken a long time to develop bad habits, so be patient as you work toward your goal!
The information contained in this article is for educational purposes only and is not intended to medically diagnose, treat or cure any disease. Consult a health care practitioner before beginning any health care program.
Both Joseph Kenny & Jess Shaw are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Joseph Kenny has sinced written about articles on various topics from Credit Cards, Debt Consolidation and Credit Cards. Joseph Kenny is the webmaster of the loan comparison site , visit the site today for more loan information, articles and links to UK loans.. Joseph Kenny's top article generates over 550000 views. to your Favourites.
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