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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » What do you think about this process of becoming bankrupt?

What do you think about this process of becoming bankrupt?

What do you think about this process of becoming bankrupt? If bankrupt persons don’t have to repay their debts in full, then who ends up paying for it? Is it fair that those involved in a bankruptcy are often not able to receive a loan? Do you think there might be a better solution to stop or slow the increasing amount of bankruptcies in this country?

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3 Responses to "What do you think about this process of becoming bankrupt?"

  1. Yirmiyahu says:
    It’s a Constitutional right to seek protection through bankruptcy.

    How bankruptcy laws are promulgated …. that’s a discussion point.

    Bankruptcy in the United States is permitted by the United States Constitution (Article 1, Section 8, Clause 4) which authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States.” Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy Reform Act of 1978, codified in Title 11 of the United States Code, commonly referred to as the Bankruptcy Code (“Code”). The Code has been amended several times since 1978, most recently in 2005 through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or BAPCPA. Some law relevant to bankruptcy is found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes), tax implications of bankruptcy are found in Title 26 of the United States Code (Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure).

  2. Huntsman says:
    Bankruptcy is not a joke.
    It can ruin credit for a full 7 to 10 years
    Employers will be reluctant to hire you, harder to get an apartment, impossible to get any loan, and car insurance companies use this to judge your premiums

    It is also hard to qualify for a Chapter 7, where all debt is wiped out.
    Generally you have to have no assets, and no job at the time
    Once you file – it goes on the credit reports, and then it makes it worse to find a job
    Those people pay, and pay dearly for almost a decade

  3. deekin yomouth says:
    Is it fair? Maybe not but it’s hard for people/ company’s to trust you with there products. The world works on payment and no one likes to be left high and dry. It’s a lot different than that cousin. Who owes you $5 from 8 years ago lol that money’s gone. Credit is a tricky thing if it were taught in school than we’d all be a little better.

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