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Reconsidering Bankruptcy

Explore the major causes of bankruptcy such as job loss, emotional spending, and failure to budget. Learn about the advantages and disadvantages of bankruptcy including erased debts and damaged credit.

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Reconsidering Bankruptcy

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  1. Reconsidering Bankruptcy Ch19.2

  2. Major Causes of Bankruptcy Job Loss Emotional Spending (buying is based on emotion rather than reason) Failure to budget and spend Catastrophic injury or illness

  3. Advantages of Bankruptcy Debts are erased Exempted assets are retained Certain incomes are unaffected The cost is small

  4. Disadvantages of Bankruptcy Credit is damaged Property is lost Some debts (obligations) still remain Some debts can be reaffirmed Co-signers must pay

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