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.

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

  1. Aes says:

    This is so depressing i'm only 25 and i'm already here.

  2. Arty Holm says:

    Hard to pay attention to the information with all the blatant racist profiling going on here. Wow.

  3. CoolGuyIsHere says:

    0:15 so basically indentured servants

  4. Zeke G says:

    Who pays the debt u really dont have any assests

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  10. Matt Wolf says:

    This video shows why Universal Healthcare is needed in the US.

  11. Tresna Aji says:

    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!

  12. Daniel Teixeira says:

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

  13. Yummy Cheeseburgers says:

    RIP infographics show 2020: cancelled for blackface

  14. Aarush Kashyap says:

    I'm in College and already struggling with Student loan and Credit Card Debt

  15. J man J says:

    Pretty sure there's a "t" in bankruptcy

  16. R__B says:

    The mere phrase "medical debt" is what makes the USA a disgusting and shameful place

  17. MisterTutor2010 says:

    I Declare BANKRUPTCY!!! 🙂

  18. Betty A.k.a Betty says:

    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

  19. C0deH0wler says:

    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.

  20. Ray Caesar Radoc says:

    Public schools don’t teach you this life hitting lessons like this

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