aka – When Liquid Assets Leak Out
So what exactly is “Chapter 7 Bankruptcy?” Well…it’s not good.
The notorious yet somewhat arcane Chapter 7 is when you declare (yes, from the rooftops, in a joyous, mellifluous bellow!) personal bankruptcy, and any assets you possess are liquidated in order to settle your insurmountable debts. This is pretty much a last resort, when you’ve sunken into a financial abyss so grave that your only hope of escape is to relinquish all your worldly possessions. As the online legal symposium findlaw.com reports: “Bankruptcy will ruin your credit for some time to come.” What happens is, a legal “trustee” (this term makes them sound like someone comforting that you can confide in, but in actuality they can be viewed as rapacious reapers of all your remaining objects of worth) is put in charge of determining what you indeed do own and which of these things can be transmogrified into tangible cash. The end result is that you may now be utterly destitute…but at least you’re no longer in debt.
Sounds like either Dante’s 5th or possibly 6th stage of hell, correct?
Continue reading Facing The Final (Bankruptcy) Chapter: 7