What Actually Happens When You File For Bankruptcy



What happens when you can’t pay your debts? Well, once upon a time such as in ancient Greece you might have ended up in debt bondage. Being a debt slave meant that you and sometimes your family would work for the person you owed money to pay off your debt. This is distinct from slavery, since you were freed once your debt was paid. Later on in history, like in Victorian England, the poor were sent to horrific debtors’ prison and would only be released when their debt was paid in full by friends or family. Other debtors’ prisons functioned similar to workhouses and a debtor worked off not only their debt, but their room and board to be freed.

Currently, many countries now practice some form of bankruptcy which reigns in debt and allows debtors to get a fresh start financially. That’s not to say that questionable debt practices no longer exist; in some parts of the world, such as South Asia and Sub-Saharan Africa debt bondage is still practiced. The United Nation estimates that 8 million people are trapped in bonded labor. Thankfully, there are many groups working to improve lives of and free people from what the UN considers a ‘modern day slavery practice’.

However, today we’re discussing the basics of how personal bankruptcy functions in the United States. There are actually 6 different possible types of bankruptcy in the US. They are each named for the portion of the Bankruptcy Code they are found under: Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13 and Chapter 15. Each Chapter addresses a different type of bankruptcy, for example Chapter 9 applies to the bankruptcy of municipalities such as towns or cities.

Check out my new channel I Am:

🔔 SUBSCRIBE TO THE INFOGRAPHICS SHOW ►

🔖 MY SOCIAL PAGES
DISCORD ►
Facebook ►
Twitter ►

💭 SUGGEST A TOPIC

📝 SOURCES:

All videos are based on publicly available information unless otherwise noted.

source

20 thoughts on “What Actually Happens When You File For Bankruptcy”

  1. I highly recommend Hackmania0 via ig he’s sure and legit he got my deleted files restored perfectly and legit within an hour

  2. All accolades to Hackmania0 via Instagram he’s sure and reliable he got my deleted messages and videos retrieved permanently and legit

  3. When it’s comes to files recovery I recommend Hackmania0 via ig he’s sure and legit he got my wife saved from been fired he got deleted files restored within an hour

  4. All accolades to Hackmania0 via Instagram he’s a pro he got my friend deleted important chat and videos restored within an hour y’all should go get your problem fix

  5. We thought memories were lost but all thanks to Hackmania0 via ig he’s sure and legit he got deleted messages and videos restored within an hour

  6. I came here after rewatching John Grisham's novel adaptation movie, The Rainmaker. They can't just leave without even paying, can they? Sure you can't pay 50mil usd but, not even a penny? Anyone can explain? Thanks!

  7. Person: Falls on the ground, breaks leg and can't pay medical expenses
    Government: so you choosen BANKRUPTCY

  8. This country (U.S.A) is collapsing. There's two possible outcomes 1. Another major war or conflict is coming or 2. The empire is collapsing and we're seeing the death rattle

  9. Here are choices everyone should have: to be able to ride a cycle safely, to take public transport, and to ride to public transport hubs on a cycle. The government: nah sorry bruh, you gonna have to ride beside lorries. We really need to stop with the discouragement of not owning a car.

Leave a Reply

Your email address will not be published.

Related Post