What happens if you file for bankruptcy?

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    • Kitty Davis
      Participant

        My parents are in a position (thanks to COVID) where my father might have to file and he doesn’t want to. My mother seems to think it is not a big deal and it can help them. I don’t fully understand bankruptcy so I am curious to know what happens after someone files.

      • Alex R.
        Participant

          All your debt is essentially rolled over and settle outside of your hands. When this happens, you are effectively saying you have no way to pay your debts and your credit becomes null. You will not be able to get any credit cards, loans, or anything of the sort for several years after filing.

        • Richie M.
          Participant

            If you want the steps of each process and things that take place, go here:
            https://www.findlaw.com/bankruptcy/what-is-bankruptcy/what-happens-when-you-file-for-bankruptcy.html

            Some states differ and this is dependent on the type you file. It isn’t always straightforward.

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