What happens if someone files bankruptcy?

In general, people file for bankruptcy when there's no way in hell they can meet their debt obligations. Popular ... Sure, that happens, but often, people and companies file bankruptcy after a major financial blow. It might be a ... What You Should Know About Bankruptcy (from Someone Who's Been There). read more

Bankruptcy is a last resort for people and businesses, including Gawker Media, the company that owns this site. Many companies, like United Airlines and General Motors, file for bankruptcy and continue business as usual. Individuals file for bankruptcy and often emerge in one piece, too. read more

4.I am unsuitable for filing for bankruptcy. A lot of bad things happen to good and hardworking people. Over one million people file for bankruptcy each year. Most of them are just an average citizens trying to find a solution to their financial problems. You will never know whether you are suitable or if you do not try. read more

What Happens During the Bankruptcy Process Bankruptcy is a legal procedure that relieves eligible individuals of debts they are unable to repay. A bankruptcy can remain on your credit report for up to 10 years. read more