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Topic of Bankruptcy: A good friend of yours has had serious financial misfortunes lately.

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If a good friend of yours has had serious financial misfortunes lately and is unable to meet her debt payments, what advice can you give? Be sure to include the topic of bankruptcy because she has heard that it eliminates all your credit problems. In your discussion, distinguish between straight bankruptcy and a wage earner plan. Use the Library and other Internet sources to supplement your information.

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This solution discusses the topic of bankruptcy in detail in 631 words.

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If a good friend of yours has had serious financial misfortunes lately and is unable to meet her debt payments, what advice can you give? Be sure to include the topic of bankruptcy because she has heard that it eliminates all your credit problems. In your discussion, distinguish between straight bankruptcy and a wage earner plan. Use the Library and other Internet sources to supplement your information.

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.
The most common reasons for filing bankruptcy are:

1. Unemployment: Large medical expenses; Seriously overextended credit; Marital problems, and;
2. Other large unexpected expenses.

Purpose
The primary purpose of the laws of bankruptcy are: (1) to give an honest debtor a "fresh start" in life by ...

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