Bankruptcy on my background

I hear in Argentina a Mexican food joint will hand you a plate of burritos in exchange for a pack of paper products. No money involved. They also raised the interest officially to 40%

Im not BK But that is one reason we paid off our federal student loans so if there is a massive problem we can BK if we need to.

Cash flow rules, if you pay your bills each month and have left over then you are good. If not? You are not good.

Credit cards and other things are a form of parasites on the finances as well if used badly. Some are never ending due to fees and so on. Keep one good one, cut up the rest.

Anyone enduring a BK Process literally has to ask the court for permission to say buy a pack of smokes. It's not for everyone.

 

thing is, he had money to survive, and credit to spare. he bankrupted his businesses, didn't he?

as individuals, a person bankrupts themselves, maybe gets to keep the house, the car, and sign promissory notes to continue paying on those. makes for a quicker recovery from bankruptcy, but still a 10 year black mark on ones overall credit.

 

Do some research on challenging the accuracy of your credit report and if you can file some simple papers you can have that bankruptcy possible removed from your credit report.

 

Not himself personally, his companies went BK but he made out like bandits. This phenomenon only happens in the USA where the CEO BK his company but made million for himself. If he has to pay back every person he's ever stiffed he wouldn't have a dime to his own name.

 

If they run your credit and see you're in debt it also could lend credence to the potential for theft. It's profiling, but many do it anyway.