This video is to give viewers knowledge about bankruptcy law. Bankruptcy law has been around since the old testament. Going bankrupt is not an easy feat and can often be discouraging.
Bankruptcy is when one must file in order to expunge their assets. This is not permanent but can be a rough time in someone’s life because filing for bankruptcy is on your financial record forever.
It is always good to practice good financial habits, especially before you open a business. Practicing good financial habits can set you up for financial freedom and financial security and stability. Good financial habits can include budgeting, managing expenses, paying off debts in a timely manner, and keeping up a good credit score. Your credit score has a lot to do with being able to get a new car, apartment, or even buying a house. A good way to get your credit score up is by opening a credit card.
A credit card allows you to spend money within a limit and pay it back over time. When paying back this credit card, paying the monthly minimum adds interest to your overall balance. The percentage of interest varies from bank to bank but can be a major factor in how quickly you pay off your debt.