Imagine that you are filing for bankruptcy. Make a list of your assets and a list...
Imagine that you are filing for bankruptcy. Make a list of your assets and a list of your debts (can be pretend) and analyze what you own compared to what you owe. Then determine which assets you could choose to exempt. From a financial point of view, does declaring bankruptcy appear to be a favorable alternative for you at this time? Why or why not? If you choose to file for bankruptcy, which type would you file for and why?
Homework Answers
There are 3 types of bankruptcy that can be filled. Out of which bankruptcy under chapter 7 is filed to dispose of their unsecured debt .
List of assets that can be compared to what you owe are like second homes, cash , investments, Jewelery, Valuable stamp or coins, stock, bonds which can be liquidate to repay all the unsecured debt.
Assets which are exempt are household goods, clothing, tools for their trades, personal vehicle, retirement accounts, .
In order to repay the debts which is overburdening filing of bankruptcy is the last option as it lower your credit rating which will make it more difficult for you to buy a loan or a home or to carry any business in future. Also bankruptcy filed under Chapter 7 will remain in our credit report for 10 years.
Instead of filing for bankruptcy try selling your assets by our own and repay your debts because this will not impact your credit report.
If at all we choose to file for bankruptcy we will choose filing of bankruptcy under chapter 7 because it involves repayment of debt by liquidating our assets.The other types of bankruptcy are for reorganisation or for specific payment plans.
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