From the course: Recovering from a Financial Setback
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Last resort: Bankruptcy
From the course: Recovering from a Financial Setback
Last resort: Bankruptcy
- Society no longer puts people in jail for failing to pay their bills. Instead, there's a court-run process, through which people can be rescued from crushing debt. If you've done everything you can to increase your income, reign in your spending, and restructure your debt, but you still can't make ends meet, bankruptcy may be an option to get you on your feet financially. Here's a few terms to know. Bankruptcy, bankruptcy's a legal process that allows people or businesses to deal with debt which they can no longer pay in an orderly, organized manner. Secured loan, a secured loan is a loan that's backed by an asset, like a house or a car. Unsecured loan, unsecured loan is a loan that isn't backed by anything of value. These are most often credit card debts or medical debt. In many jurisdictions, bankruptcies allow courts to liquidate your assets in order to pay your creditors. The process is run by a court, and follows…
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