if you are deeply in debt, go ahead and file for Chapter 7 Bankruptcy

[hmgROCK]

We have a brother (relatives)
due to bad finance decision, he rack up to almost $120++k in debt
from credit card, to personal stuff, to drive by payloan, student loan etc..

he was in deeply in debt
it got to the point,
where he try to kill himself, so that maybe his parent could get his life insurance

it was that badddd....

i overheard his parent talking about it at a family gathering
and reach out to this brother on facebook
together, we talk about chapter 7 bankruptcy and how it could give him a "fresh start"
he took my advice and went to talk to a lawyer
and a year later, he is doing good

most of his debt are wipe out,
still got the student loan though
but now, it's managable
and he's able to enjoy life

[Reporter]

What about the child support?

[hmgROCK]

What about the child support?

don't quote me on this
because im not a lawyer who specialize in bankruptcy
im just a finance guy, who gives out advice

but child support is no
you still have to pay
along with student loan
but a lot of your other major debt will get wipe out

the brother above is happier these days
can't all be perfect

[Reporter]

Ok. Thanks. Noted.

[Ma|3Strang3r]

You can't wiped out Child Support and Student loan, but it's better than not filing for it. It only stay on your record for 7 years.

[hmgROCK]

don't file for bankruptcy if you owe like $10-20k
you can manage that by eating rice and beans for a few years

but if you start getting up there in the $100k++
might wanna start reconsidering

[hmgROCK]

You can't wiped out Child Support and Student loan, but it's better than not filing for it. It only stay on your record for 7 years.

a lot of people and companies will file for bankruptcy in a heartbeat

take for example, our president TRUMP

dude file for bankruptcy 6 times


SIX TIMES


 

[starchaser1989]

I use to know a guy who was up in debt, file banko and couple years later was able to buy a car, house and gotten his life together again.  While others was still struggling with their debt burying them deeper daily this guy has moved on.  I once know a lawyer who said, he don't know why people don't file banko every 7 years (that was the threshold back then) lol.  Banko is not a bad thing if you really look at the benefit of it.   

[theking]

im just a finance guy...

 

[YAX]

and taxes? Is that also bankruptcy cleared as well?

[Yebleng]

Somebody I knew was $60k in debt. He also filed for bankruptcy. What he did with all that money? I don't know

[YAX]

So someone could literally build up a good credit score, get credit cards to increase his limits until he reaches like $500K or more, then use the cash advance feature to withdraw all that money, claim he spent it all, then declare bankruptcy and make out with $500K cash?  Hmm... interesting concept.