Bankruptcy. Sure, we all know someone who has gone through a bankruptcy. 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: [email protected]

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The episode "Bankruptcy Breakdown," first appeared on Think Enriched.