Think Enriched

Bankruptcy.  Sure, we all know someone who has gone through a bankruptcy.  This episode gives you the ins and outs so you can intelligently discuss it and help others understand the decision.  Note:  This show is for informational purposes only.  If you are considering bankruptcy, seek legal counsel. Chapter 7: Called the Straight Bankruptcy All your personal assets are collected & liquidated to pay off as much debt as possible. Process takes 4 -6 months  Chapter 13: Called the Reorganization Bankruptcy A court-appointed debt repayment plan is established. You can still keep your assets during the bankruptcy Repayment time of 3-5 years Once approved, creditors can no longer contact you   We also discuss: How often you can file for Chapter 7 or Chapter 13 (they are not the same)  Roll of a trustee in the bankruptcy process Pros & Cons of the decision The amount of time the bankruptcy will be on your credit report Who is responsible to get the bankruptcy lifted from your credit report once the time