What happens when you claim BANKRUPT ?

Question

can someone please explain to me the pros and cons of claiming bankruptcy?

Answer 1

your life is ****** thats what happeneds

Answer 2

Chapter 7 Bankruptsy stays on your record 10 years. It destroys your credit for 10 years. creditors can and will come after you to collect until you pay up. State and IRS  Taxes are not included in Bankruptcy. It's no necessary to go bankrupt. offer creditors 1/2 payment on the bill and most will accept it. Try to work things out with them. BK is used only as a last resort,  

Answer 3

bankruptcy is a last ditch effort when you are way in over your head. the only pro is that it will keep you from being sued. the laws have changed now so they are different from what most people know. I would consult an attorney  

Answer 4

I know that you can't get a credit card or get a bank loan. And it takes forever to get past it.

Answer 5

Pros: most of your debts are eliminated

Cons: ruined credit rating for 7 years, you may have some things repossessed including your house and car, does not eliminate student loans and some unpaid taxes, you will have to decide if it is morally right to break your promises and default on loans you had promised to pay.

Answer 6

You become broke and u have nothing left!

There are no pros for being bankrupt

Answer 7

Filing bankruptcy is a cop-out for people who suck at handling money. Your credit sucks for 7 years and you can't buy anything, if employers do a background check and see that, it can ruin your chances for employment and it doesn't elminate all of your debt