What does being bankrupt mean?

Question

i mean i know you havent paid off your debt, and then youre bankrupt. thats about it. what elsenhappens?

thanx in advance x*x

Answer 1

it also means you don't have any other money at all, so you can't pay it back.

Answer 2

financially fuckid

Answer 3

All the previous plus you will not be able to have credit at all, you will not be allowed a bank account and you are not allowed to be a director of a company. All this lasts for 7 years after which you become a discharged Bankrupt and you start all over. Working, saving and building up a credit base. The past 7 years will haunt you until you start accruing some money and show that you are now a responsible person.

Answer 4

Being bankrupt means that you do not have enough assets to cover your liabilities.  Filing for bankruptcy protection is what a lot of folks think of as being bankrupt.  As an individual, if you file for bankruptcy protection, you can either declare Chapter 7 or Chapter 13.  Chapter 7, sometimes called total bankruptcy, is where you wipe out all of your debts, and all of your assets that don't fall into certain protected categories are sold to pay off a portion of the debt that you owe.  It's a completely clean slate.  Chapter 13 puts you on a repayment plan, where you repay a portion of the debt you owe over a period of time, and the balance of the debt is cancelled.

Answer 5

It depends on the individual situation i think. My parents went bankrupt when i was younger. It had long lasting effects as they couldn't get credit cards and struggled to get loans. They also nearly lost our house. In the end the court ordered my parents to pay a grand total of £1 to get the house back.  I have never really understood what had happened and even now i am older and they have explained it to me many times i still get confused.lol.