Money Going Downhill

MONEY GOING DOWNHILL BROUGHT TO YOU BY EASYFINANCE.COM 'LACK OF MONEY IS THE ROOT OF ALL EVIL. GEORGE BERNARD SHAW NOWADAYS, THE ECONOMIC SITUATION IS PRECARIOUS AND THE THREAT OF BANKRUPTCY LOOMS LARGER THAN EVER BEFORE. HERE ARE SOME FROM HERO TO ZERO’ STORIES, MASSIVE CORPORATE BANKRUPTCIES AND COUNTRIES DEEPLY IN THE RED. IN 2011, THERE WERE 1,362,847 NON-BUSINESS BANKRUPTCY FILINGS, WHICH EQUALS THE POPULATION OF HAWAIL, THERE WERE 28 TIMES LESS (47,806) BUSINESS BANKRUPTCY FILINGS. MIKE TYSON $27 MILLION IN BILLS TYSON FILED FOR BANKRUPTCY IN 2003, HAVING SQUANDERED NEARLY $300 MILLION ON MANSIONS, BENTLEY CARS, JEWELRY, AND EVEN PET BENGAL TIGERS. -- -- --- $300 MILLION --- --- -- AS PART OF A DIVORCE SETTLEMENT, TYSON AGREED TO PAY HIS EX-WIFE $6.5 MILLION FROM FUTURE EARNINGS. 2-- -- --- ---D KIM BASINGER BOUGHT HERSELF A TOWN KIM BASINGER'S FINANCIAL PROBLEMS STARTED WHEN SHE BOUGHT A SMALL TOWN OF BRASELTON, GEORGIA, IN 1989 FOR $20 MILLION. THEN SHE LOST A $8.1 MILLION TRIAL AFTER PULLING OUT OF THE CONTROVERSIAL FILM 'BOXING HELENA'. BASINGER FILED FOR BANKRUPTCY AND THE $20.000,000 STUDIO SETTLED FOR $3.8 MILLION. DONALD TRUMP 'MONEY WAS NEVER A BIG MOTIVATION FOR ME, EXCEPT AS A WAY TO KEEP SCORE. THE REAL EXCITEMENT IS PLAYING THE GAME. TRUMP'S EMPIRE OF HOTELS AND CASINOS IS WORTH $2.7 BILLION. 1991 1992 2004 2009 TRUMP DECLARED BANKRUPTCY FOUR TIMES. BERNARD MADOFF MADOFF INVESTMENT SCANDAL IN 2009, BERNARD L. MADOFF, FOUNDER AND CHAIRMAN OF THE NASDAQ STOCK EXCHANGE, ADMITTED TO COMMITTING 11 FEDERAL CRIMES AND OPERATING THE LARGEST PONZI SCHEME IN HISTORY WHICH INVOLVED OVER 4,800 PEOPLE, INCLUDING JOHN MALKOVICH, KEVIN BACON AND LARRY KING. 丰 圭 串串 串 手 冊 圭 冊 串 由 串 丰 圭 串串 串 手 卅 由 串串 串 冊 串 由 串串 串 手 HE WAS SENTENCED TO 150 YEARS IN PRISON AND RESTITUTION OF $170 BILLION. AMERICAN AIRLINES CHAPTER 11 AA ON NOVEMBER 29, 2011, AMR CORPORATION (PARENT OF AMERICAN AIRLINES) FILED FOR CHAPTER 11 BANKRUPTCY." "UNDER TITLE 11 OF THE UNITED STATES CODE, CHAPTER 11 BANKRUPTCY REHABILITATION AND REORGANISATION IS A FORM OF CORPORATE FINANCIAL REORGANISATION. EVEN IF A COMPANY FILES FOR CHAPTER 11 BANKRUPTCY, IT TYPICALLY CONTINUES TO FUNCTION. DURING THE RESTRUCTURING PERIOD, THE COMPANY HAS PROTECTION FROM THE COURT. THE TERM BANKRUPTCY IS, THEREFORE, A BIT OF A MISNOMER. LEHMAN BROTHERS CHAPTER 11, AGAIN ON SEPTEMBER 15, 2008, LEHMAN BROTHERS HOLDINGS FILED FOR CHAPTER 11 BANKRUPTCY PROTECTION CITING BANK DEBT OF $613 BILLION, IT IS THE LARGEST BANKRUPTCY FILING IN THE U.S. HISTORY. GENERAL MOTORS MULTIBILLION-DOLLAR BAILOUT GM EMERGED FROM IN JUNE 2009, BANKRUPTCY EARLY IN JULY GENERAL MOTORS DECLARED AFTER A MULTIBILLION- CHAPTER 11 BANKRUPTCY DOLLAR BAILOUT FROM WITH $172.81 BILLION DEBT. WASHINGTON WHICH STIRRED UP A LOT OF CONTROVERSY. THANKSI GM GREECE 2020 $170 BILLION BAILOUT DEAL NEGOTIATED WITH EU, IMF, ECB IS EXPECTED TO TOUGH AUSTERITY BRING GREECE'S DEBT DOWN MEASURES WERE TO 120.5% OF GDP BY IMPOSED UNDER THE 2020. BAILOUT AGREEMENT. 393 €C U.S. NATIONAL DEBT IS CURRENTLY ABOUT $15,467,300,000,000, WHICH IS ABOUT $50,000 PER CITIZEN. $50,000 INDIVIDUALS CAN FILE FOR CHAPTER 7 AND CHAPTER 13 BANKRUPTCY. WHAT'S THE DIFFERENCE? CHAPTER 13 BANKRUPTCY IS A REPAYMENT PLAN. SOLD CHAPTER 7 BANKRUPTCY CONSISTS IN LIQUIDATING YOUR DEBT, SOMETIMES YOUR ASSETS HAVE TO BE SOLD. BANKRUPTCY IS NOT THE END OF THE WORLD, QUITE THE CONTRARY. FILING FOR BANKRUPTCY IS A RED LIGHT WHICH MAKES YOU STOP AND REANALYZE YOUR FINANCES. IT USUALLY ALLOWS YOU TO REORGANIZE, PAY OFF YOUR DEBTS AND TURN OVER A NEW LEAF. THE END BROUGHT TO YOU BY Easy Finance.com Guide to Consumer Financial Products SOURCES: HTTP://www.USDEBTCLOCK.ORG/ HTTP://MONEY.HOWSTUFFWORKS.COM/PONZI-SCHEME5.HTM HTTP://www.ABIWORLD.ORG//AM/TEMPLATE.CFM?SECTION -HOME HTTP://www.BUSINESSINSIDER.COM/LARGEST- BANKRUPTCIES-IN-- AMERICAN-HISTORY-2011-11#GENERAL-MOTORS-8 HTTP://www.FORBES.COM/SITES/ANDREWBENDER/2011/11/ 29/AMERICAN-AIRLINES-BANKRUPTCY-WHO-LOSES/ HTTP://ABCNEWS.GO.COM/POLITICS/DONALD-TRUMP-FILED- BANKRUPTCY-TIMES/STORY?ID-13419250#.Tlcsl_XPZK9 © 2012 EasyFinance.com %24 K.T. BAN AYC Y