Bankruptcy Myths – Bloomberg: Your Money
Bloomberg asked:
Many people think that bankruptcy is a four letter word, but if youre drowning in debt, it may offer you the chance you need to regain your financial footing. Here youll learn exactly what bankruptcy is and how it affects your life.
John Chow
It not your fault that the value of your property has dropped. The laws of the country are designed to help the big boys but not the consumer. We get the shaft.
Ouch!!!
It is FALSE that you have to sell all assets for a Ch 7. In some states your HOME can even have UNLIMITED equity and I think $100K in equity is the MINIMUM federal exemption for homeowners.
See an attorney in YOUR state for details on many exemptions.
I highly recommend that judgment-proof people simply STOP paying their credit cards. That’s one way to fight those criminals.
I’m taking notes now! It’s dreadful, really.
I must agree…Thanks G.W. Bush.
interesting. if the U.S. economy gets any worse. i just might have to watch this again and next time take notes. Thanks Bush.