eucalyptusrox asked: How does one file Bankruptcy after job loss and stuck with a foreclosed home and repo’d automobile? Is this a long process and is it recommended? What are the key negative points if one chooses this route? Thank you!
Also, how likely is it that a broke jobless person will get sued and have wages garnished and bank accounts seized due to owing on a repo’d car?
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February 28th, 2009 | Posted in Personal Finance | 3 Comments
pshao01 asked: What prevents a company from borrowing a ton of money, spending it all, declaring bankruptcy, and never paying back its creditors?
Details: say the CEO gets a huge “salary” (this is actually borrowed money), buys himself a bunch of toys, then declares bankruptcy and never repays the money. What is the punishment for said CEO?
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February 27th, 2009 | Posted in Personal Finance | 5 Comments
Why asked: I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy? THANKS!
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February 26th, 2009 | Posted in Personal Finance | 3 Comments
beautiful bird asked: My friend is planning on filing bankruptcy and she wanted to make big purchases using her credit card prior to filing. How safe is it? What are the contingencies?
please… objective responses only. thank you.
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February 26th, 2009 | Posted in Personal Finance | 5 Comments
