How Does Bankruptcy Happen?

By Pete | @kingpetey | 09 Dec 2016

Most of us were raised to believe that bankruptcy only happened to deadbeats and the financially irresponsible. We were raised to believe that bankruptcy was always someone’s fault and that it could easily be avoided. We were also taught that bankruptcy would ruin our financial prospects for most of our lives. The stereotypes we were raised to believe were wrong.

Changes have been made to bankruptcy laws that have made the process easier and something every filer should be able to overcome. In fact, the experts at San Diego bankruptcy firm, Doan Law, say bankruptcy can even improve your FICO score in most cases.

So how does bankruptcy happen?

Medical Expenses

Today one of the most common impetuses behind filing for bankruptcy is medical bills. People go through an emergency health issue and the resulting bills are too much for them. Even if the hospital is willing to work out a payment plan, the bills are often so large that there is no hope of paying them off within the patient’s lifetime.

It’s true that there are fewer medical-related bankruptcy cases filed these days. The Affordable Care Act (known colloquially as Obamacare) has made healthcare much more affordable for many. It has not, however, completely wiped medical bankruptcies out.

Other Insurance Issues

By now most of you have likely seen the insurance commercial where the agent says that unicorn stampedes are covered by the homeowner’s policy but, unfortunately, flooding is not. Accidents and emergencies that cause significant damage to a person’s home or transportation are another significant source of bankruptcy claims. This is because home and automobile insurance policies are not as strictly regulated as medical insurance companies are now.

Financial Stumbles

These can happen to the best of us and, often, in spite of our better efforts. Consider the following example:

You recently got divorced and you weren’t awarded spousal support or alimony (or, worse, you have to pay it to someone else). It’s not a huge deal. With some downsizing and strict budgeting, you’re sure you can make it work. But life turns out to be slightly more expensive on your own than you had anticipated. People keep wanting you to go out to dinner or take part in other admission-required events. You find yourself pulling out your credit card more than you want to.

Before long, your card is maxed out and your utility bills are due but you can’t pay them because you were pressured into chipping in a bunch of money for a coworker’s baby shower gift. So you opt for a short term loan. The high interest is alarming,  but your bank doesn’t offer loans in the small amount you need so you go with what you can get.

Then, when the loan comes due, the interest is more than you thought it would be and you wind up having to take out another payday loan to pay off the first. And then you need to open up a new line of credit to continue paying your utilities and monthly expenses while you use your salary to pay off your payday loans and your rent. And it just keeps snowballing from there.

Then you get downsized and the financial tightrope you’ve been walking gives way. Sure you could go through debt consolidation but that takes forever and you really need the fresh start--especially since most employers run credit checks as well as background checks on potential recruits these days. Bankruptcy is your only option.

This feels like one of those “that will never happen to me” kind of situations but for many it is all too familiar. Some aren’t able to simply move home or in with roommates. Some don’t have family and friends who would be willing to help bail them out.

Another Common Scenario

You made the leap into freelancing! Good for you! You track your earnings and, in spite of your best intentions, everything you earn gets paid right back out toward your rent, utilities and other necessities. And then tax time comes and you find yourself thousands of dollars in debt to your state and the federal government, so you take out a loan to pay that off. The added expense puts more pressure on you to take on more work but that is slow going (this isn’t your fault, all freelancers experience ebbs and flows). You rely on your credit too much to make ends meet and soon your credit has been exhausted and your score is tanked. You can’t get a new loan. You can’t break your current lease. What do you do?

Bankruptcy can happen to anybody at any time. It no longer carries the stigma it used to. Don’t be afraid to use this option if you need to. Better a fresh start than a lifetime of running from collectors, right?

Monday 5th December in the Alb - 6.30 till late! Free tickets.

We’ve invited some of the digital industries leading talent from both Shropshire and further afield to come along, share skills and present earth-shattering ideas.

There will be four speakers and five minutes at the end of the evening to give you opportunity to share any news or announcements you have. What more could you want?

So why not come along and join us, listen to some inspiring talks, spark your creativity and chat with like-minded people over a beer or maybe even a cocktail or two.

This event will be perfect for anyone that runs a business or freelances within the technology / creative / digital / marketing industries.

Our Rebellion #14 headliners include:

James Arthur - James is Co-founder and CTO of Opendesk and previously Co-Founder of WikiHouse and green.tv.

Phil Nolan - from Lloyds Banking group speaking about Blockchain (the technology behind bitcoin) and it's potential to disrupt the financial sector.

Dale Shepherd - Dale is the manager of Shropshire Council's Digital Services (AKA Project WIP), and a ShropGeek regular. When he's not doing either of those, he can be found at home.

Aaron Child - Aaron is a film maker based in Shrewsbury. He specialises in creative marketing and has made over 100 films for businesses based around Shrewsbury in the last 3 years. His next goal is to buy a VW van, convert it into a travelling office, get a pug (named Diego), and travel Europe making films.

Shropshire has a huge digital / creative industry and there are very few events in the county that directly cater for those involved. This event promises to be a fantastic evening combining talks from some of the most innovative thinkers and doers.

Tickets are free of charge. The doors open at 6.30pm with the first speaker starting at 7pm. Spaces are limited so book now to avoid disappointment.

For full details of the event and to book tickets please visit the website.

Making money while playing games - how many of you have thought of this as children, or even young adults? I guess many of you have dreamed of it, even if your moms used to tell you that "nobody is going to pay you for playing non-stop". Thanks to modern technology, we now have several ways to be paid for playing games. Some of them involve a career in the game development industry - but these are usually not as much fun as they sound. But there's another way to get paid to play, with no need for expertise - but only luck. It's call an online casino.

Entertainment for money

The online casino industry is the only branch of the iGaming business that relies on simple, entertaining games to make a living. And most players at the wildjackcasino.com are there not to make a buck, but to have fun in their own way. Most casino games at the Wild Jack Casino are designed to entertain first, and you need a lot of luck for them to be profitable in the long run. They are built this way - although they are completely fair, most games at the Wild Jack Casino are far too unreliable to be considered as a steady source of income. But slot machines are not the only games at the Wild Jack Casino that are fun to play. There are several others that, when played the right way, can help you round up your budget. Or even make you rich - if you are very lucky.

Games for the pros

Most casino games are completely random, but there are some that have a lower variance. Blackjack is one of them - it is considered by many the game with the most profit-making potential in the long run. Simply playing blackjack is usually not enough for success, though - it is random enough for it to be almost completely unpredictable. What makes it special, though, is that it leaves a lot of room for player decision. And taking the right decision at the blackjack table often means the difference between winning and losing.

The most widespread method of turning blackjack into a profitable game is the so-called "basic strategy". This consists of a list of recommendations about what you should do (and not do) depending on the value of your hand, and the card revealed by the dealer. It's quite easy to learn, and equally easy to use. Applying the basic strategy can improve the percentage of your winning hands significantly. Other games with a series of relatively "safe" bets are War, video poker, and Roulette. All of these can be played in a way for them to be in the player's advantage. And all of them are fun games to play, so you can play games, be entertained, and make a buck at the same time.

Many of you reading this are already seasoned or at least have heard of the Roulette game that is popular in casinos, both online and land-based. A good number of these establishments have come to realize that with the rise of the game’s popularity comes the inevitable increase in competition for this large market base. Many of them have seen to it that they woe in potential members with membership-based bonuses. The bonuses are numerous and vary from place to place; I will give you the breakdown of the best roulette bonuses in casinos out there. 

Many people will opt for the European Online roulette, since it only has a single zero, which means a favorably low house edge. There are notably two bonuses that a lot of sites have employed. Firstly, there is the Cashable roulette bonus. This simply means that after placing a wager and meeting the wager requirements, you can keep the bonuses of the bet. The other and clearly quite opposite one, is the Non-cashable (or “sticky”) bonuses, this means that after winning a wager the player can take the winnings but not the bonuses of the particular wager.

I will look into a number of online roulette casino that have presumably the best bonuses around. To begin with, there is the Noble Casino which offers arguably the best deposit bonus for players. For new players, they are given a 100% first deposit bonus. Clearing bonuses in subsequent wagers can be done by wagering at least two hundred times the bonus amount at the table hosting the game. The second online establishment on my list is the Prime Casino. It offers a chance for new players to clear their welcome bonus while playing roulette. They offer starter bonuses of a 100% for the first three deposits made. The maximum amounts are fifty, hundred and one-fifty sterling pounds for the three deposits respectively. 

I have just listed two of very many online roulette casino that offer quite lucrative bonuses for members. The advantage of joining certain establishments is that they are bound to offer more bonuses depending on your membership. With monthly and weekly promotions they are always in a bid to keep their members, as more common than not, people are known to defect from certain sites to others that have better bonuses. At the end of the day, these bonuses are there to make your experience playing roulette even more fulfilling. 

 

At present, roulette players could be forgiven for thinking that they would be better served playing t a bricks-and-mortar casino than online. After all, Californian professor Richard Muller has recently claimed to have developed a method for beating the traditional roulette table, based on physics and the popular 'bet in-play' trigger. He believes that it is possible to leverage data during those few seconds when the ball is spinning to make successful wagers, beating the house and driving huge returns in the process.

3 Simple and effective strategies for optimising your odds when playing Roulette

Of course, such theories are laced with doubt and uncertainty, making it almost impossible to determine whether or not they are viable. Online players also have no such luxury when attempting to formulate strategy, as the mechanics of virtual roulette and the use of a random number generator to achieve results prohibit such tactics. Instead, they are forced to rely on simple and logical strategies to optimise their chances of success, including the following: -

Choose a system that suits your Bankroll

If you ever read popular roulette tips, you will know that there are a hist of betting systems that players use to achieve success. Some of these are more popular than others, however, and the popularisation of such strategies can cause them to be arbitrarily adopted inappropriately. Instead, it is far better to select a system that suits your bankroll and appetite for risk, with popular, progressive strategies often requiring multiple wagers to win any form of return. If you choose a system that is beyond your means, you may sink all your money before you earn the chance to win.

Table Coverage is more Important than the Value of your Stake

Let's continue with a correct but understated assertion, which is that the spread of your bet is far more important than the value of individual wagers. While high rollers often back single number bets in exchange for inflated odds, for example, those with smaller budgets must adopt a more risk-averse approach and instead aim to cover as many potential outcomes as possible. By including a higher proportion of reliable, even-money bets alongside inside wagers that drive inflated returns.

The precise combination that you choose is up to you, but the key is to focus on bet coverage and your probability of success.

Random Results means that Consistency is Key

Regardless of your chosen platform, it is important to accept the random nature of roulette. While there are always suggestions that results can be pre-empted and outcomes determined, this is something of a gambler's fallacy and one that can undermine even the most skilled of practitioners.

This is why consistency remains the watchword when implementing your strategy, as this ensures that it is not swayed by perceived number patterns and has the best possible chance of achieving success. Remember, any sequence of numbers can occur during gameplay, so invest time in creating a viable and pre-determined strategy that can be sustained over time.

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