Pay Debts facts

While investigating facts about Pay Debts Off Fast and Pay Debts Or Save Money, I found out little known, but curios details like:

In Germany, when a kid becomes an adult at age 18, it can get rid of all its debt by offering its debtors everthing its owns at that point. The young adult is relieved from all other debts they can't pay back so that no young adult has to face a life in debt for things they did as teenager.

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In Texas, prison inmates have to pay $100 a year out of their personal account to see a doctor for a sickness that is not an emergency or a chronic illness. If they don't have the money, half of all future funds deposited into their account are put towards the debt.

What debts should i pay off first?

In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across answering what is the legally bound obligation to pay debts called. Here are 50 of the best facts about Pay Debts Or Invest and Pay Debts Meme I managed to collect.

what debts to pay off first?

Pope John XII was the only Pope who was ever beaten to death by a jealous husband for sleeping with his wife. He was also accused of turning the papal palace into a brothel, sleeping with his niece, toasting the devil, ordaining a 10yr old boy, and misusing papal funds to pay gambling debts.
There's a strong correlation between people who buy bird seed and people who usually pay their debts. Inversely, people who buy chrome accessories for their car tend to not pay their debts in full.
Jesse James once gave a widow who housed him enough money to pay off her debt collector. He then robbed the debt collector as the man left the widow's home.
The drug lord Pablo Escobar offered to pay off Columbia's $20 billion foreign debt in order to avoid extradition to the US.
Pablo Escobar offered to pay off Columbia's $10 billion foreign debt in order to avoid prosecution
Willie Nelson released an album in 1992 specifically made to pay off his debts to the IRS, entitled 'The IRS Tapes: Who'll Buy My Memories?'
There's a strong correlation between people who buy bird seed and people who usually pay their debts. Inversely, people who buy chrome accessories for their car tend to not pay their debts in full.
At some point in 1847, the chief executioner of France informed the government that he was unable to carry out that day’s execution because he’d pawned the guillotine to pay off a debt and lacked the funds to buy it back
It took Quebec until 2006 to pay off its debt from hosting the 1976 Summer Olympics
Outlaw Jesse James once gave a poor widow who housed him in her farmhouse $1,400 to pay off her debts. When the debt collecter arrived, he hid outside until he left the home, robbed him, took back the $1,400 and rode off.

pay debts facts — What happens when an estate cannot pay debts?

Pay Debts data charts

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pay debts fact data chart about I feel like I got some good use out of my 5 years of militar — I feel like I got some good use out of my 5 years of military service, I just graduated debt-free. I used the Post-9/11 GI Bill to pay for 2 years of Undergrad and a Masters.

pay debts fact data chart about I feel like my 5 years of military service was mostly worth — I feel like my 5 years of military service was mostly worth it, I just graduated debt-free. I used the Post-9/11 GI Bill to pay for 2 years of Undergrad and a Masters.Raw Data in C

Why is it important to pay off debts?

You can easily fact check why pay off small debts first by examining the linked well-known sources.

Jesse James once gave a widow he was staying with $1400 to pay off a debt collector. He told her to give him the money and get a receipt. James then hid and waited for the debt collector to leave, and then robbed the man as he left the widow's home.

When filing for bankruptcy, ex-NFL Player Mike Vick personally elected Chapter 11 Bankruptcy as opposed to Chapter 7, so he would be able to pay back his debt almost in full. Paying $17.4 million of the $17.6 million he owed. “I didn’t want to stiff people who never stiffed me” - source

Germany finally finished paying off debts from reparations required in the post-WWI Treaty of Versailles in 2010 - 92 years after the end of the war. - source

Bank robber Jesse James once gave a widow who housed him enough money to pay off her debt collector and then robbed the debt collector to give her back the money.

During the Asian Financial Crisis many Koreans willingly gave up their precious jewelry, heirlooms and mementos in order to help their country pay off their debt to the IMF. - source

What happens when an estate cannot pay debts?

Finland is the only country that did not default on its debts from World War One. It continued to pay the United States until the last of its debt was discharged in 1976.

How to pay off debts fast?

One proposed solution to the US debt ceiling crisis of 2012 was the minting of a 1 trillion dollar coin that would be used to pay off the country's debt.

Koreans donated billions of euros' worth of gold jewelry, personal heirlooms, and other valuables to help pay down the nation's IMF debt in the wake of the 1997 Asian financial crisis

The idiom "When my ship comes in" originated with sailors' wives who promised to pay off debts when the sailors' ships returned to port.

The British government only finished paying off its debt from WW1 in 2014

If you have debt + a winning lotto ticket, you can file bankruptcy, discharge your debts, and then cash in the ticket without having to pay off your previous debt.

Pay debts infographics

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pay debts fact infographic about How Bernie Sanders Will Pay For Free Childcare, M4A, Ending — How Bernie Sanders Will Pay For Free Childcare, M4A, Ending Homelessness, Cancelling Student Debt, and Tackling Climate Change In One Chart (Sankeymatic)

What happens when a company cannot pay its debts?

About “shame poles", a type of Totem pole intended to shame people.In Alaska there is a shame pole of Abraham Lincoln, shaming him for not paying back debts to the Tlingit people.

Montreal's mayor declared in '76 that "the Olympics can no more have a financial deficit than a man can have a baby." The city actually took 30 years to then pay off the debt.

The Ringer, a movie about fixing the Special Olympics to pay off a debt, is endorsed by the Special Olympics.

Andrew Jackson is the only U.S President to pay off the national debt, but the Panic of 1837, a depression, caused the national debt to increase and has not been fully paid since.

Cuba has offered to pay off a $270 million debt to the Czech Republic in rum. The rum would be enough to last the country for 130 years.

How to pay off debts quickly?

There are 12,000 properties designated "severe repetitive loss" properties for which "the flood insurance program has paid the owners for four significant flood claims, two within one decade", helping to contribute to "about $24 billion in debt and taxpayers are left to pay the claims"

In 1832 the US Bank thwarted the government’s plan to pay off the public debt by illegally authorizing European bankers to purchase it, leading Andrew Jackson to fear that “a new era may arise in which the capitalist abroad may have an influence over the destinies of this country.”

Japan's government debt is more than twice the GDP of Japan and it costs half of Japan's tax revenues just to pay the interest on the debt every year.

Despite being discontinued in 2000, there are nearly one million 1000$ Canadian banknotes left in circulation. They are mostly used to pay off debts between criminals.

Croatia launched a program called "Fresh Start," which wiped away debt for 60,000 low-income Croatians who have been struggling to pay their bills in an effort to boost consumer confidence & spending. The state (with banks, firms, etc.) agreed to forgive up to 60,000 Kuna ($8,830) per individual

In 1824, John Dickens was imprisoned for his unpaid debt of £40 (£4,520 today) owed to a baker. To help pay off the debt, his 12-year old son Charles worked 10 hours a day, 6 days a week in a boot-blacking factory, gluing labels onto cans for 6 shillings/week (£12.50 today).

People who declare bankruptcy are not necessarily "deadbeats". They may find themselves unable to pay their debts because of illness, unplanned medical expenses, divorce, death, job loss, or disability - reasons that were not planned.

After his son had been arrested by agents from the DEA, Bolivian drug lord, Roberto Suárez Gómez wrote to Ronald Reagan promising to pay off Bolivia’s entire $3.8 billion foreign debt if his son was freed

In the 1840s, a mechanic named Walter Hunt took a piece of brass wire, made a coil in the center so it would open up, and gave it to a friend to pay off a $15 debt. After patented it in 1849, it soon became know as the "Safety Pin".

After the Haitian Revolution, France forced Haiti to pay an "independence debt" because their plantation owners "lost" all those valuable slaves.

The Post Office used to be a bank. Also, there is a "Bureau of the Public Debt" which -still- pays any amounts owed though the program was closed in 1966.

Will Smith only agreed to be in the Fresh Prince of Bell-Air so he could pay off his $2.8 million debt to the IRS.

Joe Francis, producer of Girls Gone Wild, was ordered to pay Steve Wynn, the casino magnate, $19M for saying Wynn threatened to kill him over a gambling debt.

The Aztecs were known to sell their children, or themselves, as slaves to pay off their debts.

In Medieval Italy, when a merchant did not pay his debts, the bench at which he conducted business was smashed to force him to stop trading. The word “bankrupt” derives from banco rotto, meaning “broken bench”.

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