ALL You Need to Know About Bankruptcy | Bankruptcy Chapter 7 and 13 Comparison and More

There have been well over 500,000 bankruptcies filed every year which may have you thinking if bankruptcy is the right choice for you. I cover the MOST CRUCIAL details about bankruptcy (specifically bankruptcy chapter 7 and chapter 13/ bankruptcy chapter 7 vs 13) including how does bankruptcy affect your credit, can you file bankruptcy without losing your house, how long does bankruptcy stay on your credit report and MUCH MORE so you can make an informed decision.

The two main bankruptcy filings you may hear about is Chapter 7 and Chapter 13 bankruptcies. Both options offer relief but there are certain qualifications for bankruptcy chapter 7 which is a full liquidation. Chapter 13 requires paying back your creditors, but in a more manageable way.

While bankruptcy may be a fresh start, it is not for everyone. I discuss who should NOT file bankruptcy because the damage it can cost might outweigh the benefits of bankruptcy and leave you with 7 or more years of rebuilding.

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[markusjohn]

I filed a chapter 7 and it was the best thing I could have EVER done. within 3 months I started rebuilding my credit fast and was able to get approved for a FHA loan 3 and a half years later. I got a fresh start, I would recommend BK for anyone who is swimming in debt. My credit score started increasing fast and I got to a 707 really fast. When I filed my score was a 545. I don't care what NOBODY says BK is the end all be all, at least for my situation.

[sarahwilliams]

Thank you! Just filed chapter 7 yesterday. I slept so well last night 😂 #freshstart

[Ohmynene]

Doing some research because we are thinking about filing bankruptcy and I liked this video within the first 5 seconds 😂😭 thank you for this take on filing bankruptcy 🙌🏾

[raisingalzoniachalise]

She said "well I'm here too piss people off. yet again!" lmao . Ok! You have my full undivided attention. 🤣

[jasonrodgers]

My 10 year Chapter 7 BK limit just ended about a month ago. I had to file due to debts piling up while trying to save my family home of 50+ years from the "Historic Preservation District" Nazis. It was either bankruptcy or a shotgun blast to my head. Was VERY painful, but I'm very glad I picked the BK rather than option #2. My FICO is now right about 800, I have retirement $$ in the bank, I'll have a peaceful retirement with my doggie (my beloved wife passed 7 years ago).

[orlandogriffin]

Thanks Once again for the Information Krystal 💎

[superstarrmia-learningfun]

you can get this removed from your credit because the courts don’t report it to the credit agency. so don’t worry about that

[snowmanboyatma]

You are super entertaining and helpful. Thank you!

[Into_The_Mystery_]

I love your personality. Thanks for the info.

[sherrellcouncil]

Thanks for sharing this video I got a lot of information .

[ChassityCardona]

Thank you . Very informative. And not boring

[play]

I could listen to your voice for hours. Very good video and explanations

[omegablack]

Bankruptcy is the original milk crate challenge. Lol

Bankruptcy is like the emergency door exit: you know it's there, but don't use it unless there's no other way out.

She's right. The 7-10 years it takes to fully recover from these events may seem like a breeze to some, but it's not that simple. 1.) You can't predict events in your life, for the next 7-10 years. 2.) You still have to be very cautious about your spending habits. 3.) You may be restricted from engaging in certain financial purchases. It can start to feel like you're on probation or parole.

Bankruptcy is not a magical finance genie. However, it's not the devil, either. Please take time truly analyze and evaluate your situation, before you decide to file bankruptcy.

Great video!

[DolceVents]

I love that definition 😂. You are a trip this video!

[BaecationPlug]

My new favorite YouTuber! Subbed! Thankya giiirl!

[AlanaGurl]

Thank you so much! Planning to do this next month. I’m so happy! I need a clean start 😊

[laurenmal]

Informative ✔️ Entertaining ✔️Black ✔️Gorgeous ✔️ Awesome video ♥️

[gwenyusa]

This lady is funnny!! Her humor is quick and keen!!😂

[anettepuskas]

You're so funny. I love listening to you. I'm all stressed out but cracking up because you make everything ok. THANK YOU.

[paulinahernandez]

Omg you made me laugh a couple times. Thank you so much I’m subscribed now