Bankruptcy Explained

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None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

Daniel Iles

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true: can't get rid of child support, fed student loans, and taxes.

False: ravages credit score, people who are over their head in debt couldn't get loans anyways.

adjsaint

Bankruptcy can be a good strategic decision. After a year with good budgeting you can live like nothing happened but it stays on your credit history for 7 years in some cases

nathansmith

Bankruptcy can also make if hard to rent. If you have a bankruptcy, landlords will almost always pick someone without a bankruptcy over you.

tindermuhle

Honestly it doesn't do much, you take a 50 pt hit to your credit and it is a red flag on your credit history, but no body gives a shit. I know many people who bought houses, lost their job or quit, filed for bankruptcy, took a 50pt hit to their credit (which they recovered in less than 3 years), and then were still able to get another home loan in less than 5 years. Also, if you can prove to a judge that the student loans are undue hardships that you will never be able to pay off, you get a significant portion or even the whole amount released in bankruptcy. Be ready for a fight though.

This system is broken and doesn't work, you can literally go your whole life like this and no one is ever going to care. Banks don't care because it's all about making their books look good, the courts don't care because judges are over worked and under paid and frankly only want to you to give them enough information that they can say "yea, it was not fraud" so he can move on with his/her life, and obviously you don't care because it's basically free money.

andrewhabroad

Wrong, you can file bankruptcy if you own to IRS more than three years.

Andolem

My guy this was sorta usefull it carries little of the necessary info but it piqued my interest and now im researching the subject myself

makhond

What bankruptcy does is it cancels out the debts, personal loans, credit card debt, etc. Its all payed off but filing for bankruptcy doesnt always work because of how much you make. And once you do get bankruptcy you cant apply for any type of loans for 6 months and they monitor your income and banking for awhile. And if you arent approved for bankruptcy you can be taken to court and forced to pay all your debts in full. Your credit score wont take a hit unless you are taken to court and forced to pay in full

pitofcreepers

FFS he's like a knock off Mark Tilbury. I don't know who's worse

itsnottimetostop

Could you potentially get a huge loan pay off all the otwhr debts then file for bankruptcy

baileyjerman

goverment sould NOT loan out money to students.

jagarcogheart

This is Why we need the dislike button back

TittyMonkeys

Just don't go in debt, ez as that

God-bzjr

Who in the hell would only look to discharge all the things they can’t in a bankruptcy lol?

iwasright

Bankrupcy is dope made $76, 000 disappear overnight and I kept all the stuff I bought with it. 3 years later and I got a new car and getting a home. So play your cards right. 3 years is the waiting game.

Kenneth