1. Bankruptcy/Getting out of debt Tim, Tyler, Ally, Michael, Tristian

2. Signs of debt problems/ Overspending ●Two or more credit cards maxed out ●You are compelled to go shopping all the debt ●Often afraid your credit will be declined ●Can only afford to pay your minimum on your credit cards ●Constantly flipping old debts to new cards ●Always asking friends for cash ●Considering selling blood or plasma for retail price

3. Bankruptcy ●For a Chapter 7 case, the fee is $335. For a Chapter 13 case, the fee is $310. The Bankruptcy Trustee may charge a fee of $15 to $20 when you file, as well. ●Types of bankruptcy are Chapter 7 Chapter 11 Chapter 12 and Chapter 13. ●A bankruptcy discharge eliminates debts, but it does not eliminate liens.

4. How to avoid bankruptcy ●Settle/negotiate your debts. ●Sell your property. ●Borrow money from friends and family. ●Restructure your mortgage.

5. Methods to pay off debt ● Create a budget ● Pay off the most expensive debt first ● Pay more than the minimum balance ● Half your credit card spending ● Put work bonuses toward debts ● Sell unwanted gifts and household items

6. Effects of bad Finances and Credit ● Losing your job ● Marriage/Divorce ● Death of a spouse ●Lose income/Can’t pay bills ●Gain income/ Loss income/ Spouse could have excessive debt. ●Gain income from spouses life insurance and lose income from not having someone else bringing money in. Stuck with medical expenses.

7. Zero Balance Accounts Maintaining a credit card account with no balance can actually be a smart strategy because it enables you to take advantage of the credit building capabilities of credit cards without running the risk of incurring unsustainable debt. Having too many credit cards open could be bad and it could also be held against you.

8. Debt Collectors debt collectors are people or companies that regularly collect debts owed to others. Debt collectors may contact you from 8A.M to 9 P.M, they may also get in contact with your attorney. They can arrange meetings and review what you owe. Debt collectors are not allowed to call you before 8 A.M or after 9 P.M and not at debtes deemed inconvenient to you. They cannot call repeatedly in a short period of time. They cannot threaten that you will go to jail or that they will make the debts public. They also cannot call your employer about your debts. Debt collectors are Debt collectors are not allowed to Debt collectors are allowed to

9. Sources ● https://www.google.com/webhp?sourceid=chrome-instant ion=1 espv=2 &ie=UTF- 8#q=how+much+is+it+to+file+for+bankruptcy ● http://money.usnews.com/money/personal-finance/slideshows/10-easy-ways-to-pay-off-debt/8 http://money.usnews.com/money/personal-finance/slideshows/10-easy-ways-to-pay-off-debt/8 ● http://blog.acecashexpress.com/18504/10-signs-you-are-over-spending http://blog.acecashexpress.com/18504/10-signs-you-are-over-spending ● http://creditmanagementassociation.org/2013/01/17/no-bad-debt-losses-michael-dennis-cbf/ http://creditmanagementassociation.org/2013/01/17/no-bad-debt-losses-michael-dennis-cbf/ ● http://www.cardhub.com/edu/credit-cards-without-balance/