What happens if you file for bankruptcy?

Viewing 2 reply threads
  • Author
    • 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.

        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.

          If you want the steps of each process and things that take place, go here:

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

      Viewing 2 reply threads
      • You must be logged in to reply to this topic.

      Join a vibrant community with the sole mission to achieve financial independence.

      The journey to financial freedom doesn't have to be lonely.

      Pitch an idea

      Contribute an article, share a story, join a group, or chat on the discussion board with similar frugal savvy individuals like yourself. Quality over quantity. Always.

      Build great relations

      Build connections, converse, and join the vibrant personal finance community. The journey to financial independence is just around the corner, and it doesn’t have to be lonely.

      Become a FangWallet Insider

      Get free access to becoming a FangWallet Insider, the personal finance community that has your best interest in mind.