What happens when you're bankrupt?

Answer Filing for bankruptcy protection allows individuals to discharge or restructure most debts and companies to liquidate or reorganize their finances. Chapter 7 bankruptcy cancels most debts while Cha... Read More »

Top Q&A For: What happens when you're bankrupt

What happens when an llc goes bankrupt?

When a limited liability company (LLC) goes bankrupt, the business is declaring it is financially insolvent. The LLC could enter restructuring in a Chapter 11 bankruptcy or an immediate liquidation... Read More »

What happens when a condo complex is bankrupt?

If the complex is unable to pay its bills, including utility bills, insurance bills and so forth, the complex is in danger of becoming uninhabitable. Depending on the style of bankruptcy proceedin... Read More »

What happens when a country goes bankrupt?

Iceland sent shock waves throughout the world in 2008 when it declared bankruptcy amidst the 2007-2008 recession. When a country goes bankrupt, there are fewer rules to return to solvency as there ... Read More »

What Happens to Checking Accounts When a Bank Goes Bankrupt?

When a bank goes bankrupt, it can no longer pay back its checking account depositors. Before 1934, when Federal Deposit Insurance Corp. insurance began, depositors risked losing all of their money ... Read More »