Bankruptcy Breakdown

Bankruptcy Breakdown

Bankruptcy.  Sure, we all know someone who has gone through a bankruptcy.

But do you really know what that means?  Can you answer basic questions about the bankruptcy process to friends, co-workers, and others?

This episode gives you the ins and outs so you can intelligently discuss it and help others understand the decision.

 Note:  This show is for informational purposes only.  If you are considering bankruptcy, seek legal counsel.

Chapter 7:

  • Called the Straight Bankruptcy
  • All your personal assets are collected & liquidated to pay off as much debt as possible.
  • Process takes 4 -6 months

Chapter 13:

  • Called the Reorganization Bankruptcy
  • A court-appointed debt repayment plan is established.
  • You can still keep your assets during the bankruptcy
  • Repayment time of 3-5 years
  • Once approved, creditors can no longer contact you


We also discuss:

  • How often you can file for Chapter 7 or Chapter 13 (they are not the same)
  • Roll of a trustee in the bankruptcy process
  • Pros & Cons of the decision
  • The amount of time the bankruptcy will be on your credit report
  • Who is responsible to get the bankruptcy lifted from your credit report once the time has passed.
  • How the decision impacts your life in other ways
  • My personal opinion on the bankruptcy decision.


Questions?  Let’s talk:

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The episode “Bankruptcy Breakdown,” first appeared on Think Enriched.

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