The Different Options Available in Terms of Declaring Bankruptcy ABSTRACT The objective of this document is for the author the give his friend advice on what different options are available to him when it comes to meeting his obligations. In this document the author also discusses the different options available to his friend in terms of declaring bankruptcy. There are two different bankruptcy methods that are discussed in this document. They are the straight bankruptcy method and the wage plan method. Question No. 1 According to the problem that has been posed to the author in this question it is apparent the friend who is seeking advice is unable to meet her obligations for payment. Therefore the options that are available to the...The end:
..... income in the area that he/she is living in then the outstanding amount has to be discharged in 3 years, if it is lower than the median income then the loans can be repaid within a 5 year period of time ( Bijlefeld & Zoumbaris , 2000). References Bijlefeld , M., & Zoumbaris , S. K. (2000). Teen Guide to Personal Financial Management. Westport, CT: Greenwood Press. Fix Your Finances Now! after Three of the Worst Years for Investors, We Offer Guidance from Top Financial Advisors. (2003, April). Black Enterprise, 33, 93+. Taylor, C. (2008, April). Master Your Money: Have Plenty of Financial Questions, but Few Answers? Start Moving Up the Learning Curve with Our 10 Things You Need to Know about Your Finances. Black Enterprise, 38, 88+.