Bankruptcy (Ch. 7, 11, & 13 Explained) | Finance Strategists | Your Online Finance Dictionary

Bankruptcy is a legal proceeding in which a debtor declares their inability to pay back their creditors. The general idea behind declaring bankruptcy is that it allows debtors a “fresh start” while offering creditors a way to receive some or all of their owed payment. Although some debts are forgiven, filing for bankruptcy affects the debtor’s creditworthiness. When filing for bankruptcy, secured debts are usually paid for by the asset “securing” the debt, while many types of unsecured debts can be renegotiated. _______________________ 0:00 Intro 0:08 Bankruptcy Definition 0:35 3 common types of Bankruptcy 2:08 Share your experiences _______________________ Talk with an advisor by emailing [email protected] Learn more by visiting the page: https://www.financestrategists.com/terms/bankruptcy/ Check out the main Finance Strategists YouTube Page here: https://www.youtube.com/channel/UCqScqlMRSeoHXRigrf0WxLg _______________________ Message from the founder: Here at Finance Strategists, we believe one of the best ways you can help someone is with their finances. We create helpful informational videos and content to help people take control of their finances. Finance Strategists plans to launch "Finance Strategists for Kids" where we teach fundamental financial concepts to kids in a clear manner allowing them to generate margin in their lives to bless other people. We believe raising up a generation of leaders with financial freedom can change individual lives, neighborhoods, countries, and the world. _________________________ 🔔 Hit the bell next to Subscribe so you don't miss a video! 📧 Fill out this form to receive the "Finance Word of the Day" in your inbox! 👨🏻‍💻 Watch our newest vids! - https://bit.ly/FS-Recently-Added 💃 To book Ranie for voiceover or spokeswoman, email [email protected] _________________________ Follow us on Socials: Website: FinanceStrategists.com Instagram: @financetrategists Twitter: @FinStrategists LinkedIn: https://bit.ly/FS-linkedin Facebook: https://bit.ly/Facebook-FS