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.
- Called the Straight Bankruptcy
- All your personal assets are collected & liquidated to pay off as much debt as possible.
- Process takes 4 -6 months
- 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: firstname.lastname@example.org
Ready to get your finances in order?
The episode “Bankruptcy Breakdown,” first appeared on Think Enriched.