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Breaking down what bankruptcy really means

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OF WEIGHT AND IN A TIME OF FINANCIAL DIFFICULTIES COULD ALSO LIFT SOME OF THE WEIGHT

WE'RE TALKING THIS MORNING ABOUT BANKRUPTCY BRIAN WEBER A BANKRUPTCY ATTORNEY AT JOHNS FLAHERTY AND COLLINS JOINS ME THIS MORNING TO TAKE A LOOK AT THE PROS AND CONS

THE PROS AND CONS OF FILING CHAPTER 7 BANKRUPTCY COVID-19 HAS RAVAGED THE ECONOMY, LEAVING US WITH UNEMPLOYMENT RATES NOT SEEN SINCE THE GREAT DEPRESSION STIMULUS PACKAGES AND UNEMPLOYMENT CHECKS HAVE BEEN SLOW TO ARRIVE, AND WHEN THEY DO COME, THEY"RE REALLY ONLY A BAND-AID FOR A FINANCIAL WOUND THAT REQUIRES A TOURNIQUET IT"S LEAVING MANY CONSIDERING A STEP OTHERWISE UNIMAGINABLE TO THEM: BANKRUPTCY SUCH A DRASTIC STEP, HOWEVER, COMES WITH EQUALLY CONSIDERABLE PROS AND CONS WHY A CHAPTER 7 BANKRUPTCY? CHAPTER 7 BANKRUPTCY IS DESIGNED FOR PEOPLE FACING INSURMOUNTABLE DEBT AND LIMITED INCOME

IT ABSOLVES YOU OF MOST TYPES OF UNSECURED DEBT (A LOAN GIVEN WITHOUT COLLATERAL WHILE A CHAPTER 7 BANKRUPTCY CAN BRING SOME IMMEDIATE RELIEF, IT ALSO COMES WITH LONG-LASTING REPERCUSSIONS IT"S BEST TO UNDERSTAND THE PROS AND CONS BEFORE MAKING ANY DECISIONS WHAT ARE THE ADVANTAGES OF FILING BANKRUPTCY? THERE"S A GOOD REASON YOU OFTEN HEAR THE WORD RELIEF ASSOCIATED WITH BANKRUPTCY THAT"S BECAUSE RELIEF ENCAPSULATES THE BENEFITS OF FILING FOR BANKRUPTCY

" PROVIDES IMMEDIATE RELIEF " YOU RECEIVE AN AUTOMATIC STAY WHEN YOU FILE FOR CHAPTER 7 THAT MEANS THE BANKRUPTCY COURT

Source: Youtube

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