What Is Bankruptcy, and How Does It Actually Work?


bankruptcy

Getting yourself into debt is easy, but paying off debt often seems next to impossible. Regardless of how much you pay back, it always seems like there’s another bill around the corner.

Yet paying back those you owe isn’t the only proper solution to getting out of debt. For instance, you can refinance certain loans and consolidate others with loan agencies. This could decrease the amount you owe and quicken your path to debt relief. You could also negotiate with debt collectors. They might seem cranky all the time, but giving them half of what you owe to get them off your back is better than nothing.

If these options don’t work, you could always file for bankruptcy. This semi-extreme measure will more or less erase your existing debt. It will also hurt your credit, lessen chances for loans, and free you of some physical possessions. While it’s a valid solution, you should only use it as a last resort.

Michael Scott Office Bankruptcy
Giphy

How does bankruptcy work, and what are its (many) drawbacks? Wall Street Survivor recently answered these questions and more with a helpful and frighteningly upbeat cartoon. If you’re a person or business with never-ending debt, this life-changing financial trick could help you get your finances back on track.

How do you declare bankruptcy? You’ll actually need to talk to your accountant and/or your attorney to get started on filing bankruptcy. There are numerous forms to fill out for this major financial decision, along with bankruptcy court sessions, debt counseling, and other procedural steps one must take to file any of “the Chapters.” You’ll also want to take stock of your worldly possessions, as most will be sold and lost in the process.

In the end, you’ll find yourself out of debt, but don’t even think about trying to borrow money for a while. It’s not going to happen.

The office bankruptcy
Imgur
The Office Bankruptcy
Imgur
The Office Bankruptcy
Imgur

 


Like it? Share with your friends!

4
0
4 shares

log in

reset password

Back to
log in
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format