Bankruptcy

Jan 20, 2026

60 likes | 193 Vues

Bankruptcy is a federal court procedure designed to help individuals and businesses manage or eliminate debt. Chapter 7 Bankruptcy allows for the discharge of most unsecured debts, though some assets might be sold to repay creditors. In contrast, Chapter 13 Bankruptcy offers debt reorganization, allowing for reduced payments and the possibility to keep property despite missed payments. However, bankruptcy can impact your credit report for 7-10 years, complicating future loan approvals and employment opportunities.

warren

Télécharger la présentation

Bankruptcy

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

Bankruptcy
Sometimes individuals and businesses are unable to repay their debts.
Bankruptcy is a federal court procedure that helps individuals or businesses get rid of or reorganize their debts
Chapter 7 Bankruptcy- allows most unsecured debts to be discharged- some property can be taken and sold in order to pay off debt- some assets are protected such as your house, car, clothing
Chapter 13 Bankruptcy- this is a reorganization of your debt- payments may be reduced- you may be able to keep your house or car even if you are behind several payments
Bankruptcy will be on your credit reportfor 7 – 10 years.This means that it will be extremely difficult or impossible to get a home or car loan. Employers check your credit report so they may be unwilling to hire you.