What happens when you file bankrupt and do you get money?

Question

need to know as much as possible.

Answer 1

No you don't get money, you don't have any. You're bankrupt remember?

Speak to a bankruptcy attorney if you're seriously considering filing.

Basically you have to prove that you cannot feasibly make good on your debts in the near future. You can file chapter 7 or 13 depending on if you're totally in over your head and can see no way out. Or if you're planning on re-paying the debt but need more time.

Answer 2

No you don't get money.

Basically it puts all your debts "on hold" until you can get back on your feet.  You still owe the money.

Answer 3

There are 2 types of personal bankruptcy, chapter 7 and chapter 13.

In chapter 7 your liabilities are relieved (except taxes) and your assets (except your house in some cases) are forfeited.

In chapter 13 your debts are frozen and you are put on a payment plan.

In neither case do you get money.  

Answer 4

HAHAHAHAHAHAHA.......NO, you do not get money.  Thanks for my laugh of the day.

Answer 5

Who would give you this money?

bankruptcy is a formal declaration that you do not have enough money to pay your bills.  It limits what lenders can do to get the money you owe them.  Because of this, it also sends your credit rating to the deepest darkest abyss, where it will stay for many moons.

See the site below for alternatives to bankruptcy

Answer 6

You don't get any money for filing bankruptcy..

When you file bankruptcy, that's saying you can't pay your debts and your debts are gone except for any taxes or gov't debts you owe and you start over, but you can't get approve for any credit for a long time and it stays on your credit report for 10 years.

Why will they give you money for messing up your credit history?!

Answer 7

no your credit score drops dramatically and your credit cards will be useless for 5 years!! you cant get n e loans or n e thing like that!