Bankruptcy

What is Bankruptcy

•A legal proceeding involving a person or business that is ______ to _____ __________ _____.

What happens in bankruptcy

•Negative information shows up on a _____ _____for _ years.•Bankruptcy remains on person’s credit report for __ years.

Bankruptcy

•An advantage of declaring bankruptcy is ____ ____to _________ are __________.

Bankruptcy

•People who file for bankruptcy are still responsible for ___ _____ and _______ ______!

Other Types of debts NOT discharged by a bankruptcy

•Tax claims•________•____ _______•Student loans•Claims for punitive damages for malicious or reckless acts such as driving under the influence (___)•State and Federal Income Taxes