Eli5 how does filing for bankruptcy work? Do you just stop having debt and get to start over?
In: 8
It’s rather a bit more complicated. For example, some types of debts can not be discharged. But you will get a fresh start on everything else … oh ya, and a public judgment mark at the credit bureaus that will severely limit you for the next 10, not 7, years.
It is not something to do lightly.
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