this is mark. ever since he was a little boy he ALWAYS gets what he wants. His parents have never taught him how to be responsible with money.
Glide: 3
okay right this way!
i want this car!
after high school mark spent most of his money buying cars, lottery tickets, and clothes.
Glide: 4
im sorry sir we just cant risk it!
the dealer then told mark that his credit score was too low and they cant trust him to pay his monthly payments on time.
Glide: 5
thank you for meeting me nina i didnt know who else to go to!
dont worry im glad you came to me!
mark didn't know what to do, this has never happened before! he ran to consult his friend nina - a financial advisor.
Glide: 6
so what is bankruptcy?
bankruptcy is when a person can not pay back their debts anymore!
nina explains to mark what bankruptcy is how the leading cause of him needing to file bankruptcy is by spending too much at once and not paying his monthly payments.
Glide: 7
not paying your bills on time can lead to having late fees, credit score damage, and more.
i suggest using the 50-30-20 rule which separates your income into wants, needs, and savings.
nina tells mark the consequences of not paying his bills on time and how to not get yourself into debt.
Glide: 8
chapter 7 bankruptcy is when a debtor can pay creditors by selling his assets like in your case - cars!
chapter 13 is when a debtor has a good job and can pay back his debts in a specific amount of time.
nina tells mark the difference between chapter 13 7 bankruptcy and leaves it up to him to decide which one he wants to use.
Glide: 9
mark thanks nina for giving him advice and promises to change things around.
Glide: 10
mark decides to go to court the very next day and voluntarily file for chapter 7 bankruptcy
Glide: 11
mark starts a new job and starts saving up to be able to buy a house for his future.
Glide: 12
two years later mark runs into nina at the grocery store! nina asks him how things are going with him after filing for bankruptcy
Glide: 13
mark tells nina how better he is doing since then and how he has managed his money better than ever before! he is now a father and plans to teach his kids about money responsibilities early on in life.
Glide: 14
THE END!
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