Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » What does it mean filing for bankruptcy?

What does it mean filing for bankruptcy?

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

RELATED POSTS:

  1. What does filing bankruptcy do to your credit report? A non professional gave me the advice of filing bankruptcy for debt i have totaling $5000. His argument was that...

  2. Filing For Bankruptcy – 2 Things to Consider Before Filing Bankruptcy In this era of recession, many people are filing for bankruptcy because they are not feeling good with the current...

  3. What happens when you file for bankruptcy? I just heard today that my parents might file for bankruptcy and I’m very worried. I heard that there are...

  4. Disadvantages of Filing for Bankruptcy When you file for bankruptcy, it allows you to get rid of or pay back some of your debts; it...

  5. What Assets Can Be Taken In Bankruptcy – Does Filing Bankruptcy Mean You Lose Everything? Bankruptcy is a drastic step, and one usually taken by people who feel they have no other alternative.  When you...

Written by

Filed under: Bankruptcy Help · Tags: , ,

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.

    http://www.michiganbankruptcyhelp.net

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player