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What does it mean filing for bankruptcy?

My parents are filing for bankruptcy. What does this mean? Will it help? Will it be bad?


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4 Responses to "What does it mean filing for bankruptcy?"

  1. dusty_titus says:
    This is a question that you can easily google for more complete answer – see wiki first – what it means for you and your family, is that you will not longer be able to purchase goods and services with credit, you have use cash only.
  2. Min says:
    It means they have more debt than they are able to pay and are asking the court for relief from creditors. It is a legal process. It will help by giving them a legal basis for not paying debts. It is bad because it ruins their credit rating and makes it very difficult to buy anything new, rent an apartment, get a loan or credit card, or do anything else financial for about 7 years.
  3. My Take on It says:
    It means your parents have more liabilities than assets.

    The basic meaning: Your parents are broke.

  4. Michigan Bankruptcy Help says:
    There are generally two types of bankruptcy for consumers, chapter 7 and chapter 13. Chapter 7 is a “true” bankruptcy and discharges most debts in exchange for the debtor giving up non-exempt assets. The assets that are exempt vary from State to State, there is also a set of federal exemptions. Chapter 13 is a payment form of bankruptcy that allows a debtor to re-organize his or her debts into a payment based upon his or her ability to pay the debt.

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