Think Enriched

Bankruptcy Breakdown

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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

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      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.

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        Questions?  Let's talk:  [email protected]

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

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          Think EnrichedBy Amy Robles