How does bankruptcy work/ what is it?

How does bankruptcy work/ what is it?

Posted in the Alberta Forum


Latham, NY

#1 Nov 14, 2013
ellisuboldi306 wrote:
How does bankruptcy work/ what is it?I do not understand how it works. Let's say you are $15,000 in debt and you can't pay. You file for bankruptcy. So, what then? The bank just pays all of your fines for you and you are scott-free? They just pay for you just like that for no reason? How does it work?

I understand this probably screws up any chances you have for financing in the future, right? And ruins your credit score? I am confused. Please help. Thanks!.
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