2007-06-04 07:05:22 · 4 answers · asked by TillieDillie 3 in Business & Finance ➔ Personal Finance
it depends on what your situation is, bankruptcy is different for everyone, let me give you a senerio. say you have lots of collection in your credit report and you can't pay them at the moment, and you have them calling you all the time. or you can't make your mortgage payment on time, do to decrease in income or job loss and you are facing foreclosure on your property, then there are two ways to file bankrupt, chapter7 or chapter 13, chapter 7 you can keep any loans you have and get rid of the ones you don't want. and chapter 13 is were you can make an arrangement to pay back all that you owe in one low monthly payment. hope i answered your question.
2007-06-04 07:59:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In my quarterly bank statement, lol! The first answer is the right one ;)
2007-06-04 14:13:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you owe more than you own, and if your income is insufficient to pay your debts, then you are bankrupt.
2007-06-04 14:10:42 · answer #3 · answered by AngiesHusband 5 · 0⤊ 0⤋
try the following site
http://www.usalegalcare.com/Bankruptcy.htm
2007-06-05 02:40:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋