what is bankruptcy

Simply put, when you owe a bunch of money and can’t possibly pay it all back – you declare bankruptcy. As the video explains, there are different kinds of bankruptcy, the most common being chapter 7.


ALSO READ: Buy or Lease a Car – What’s Better?


Going bankrupt is not a get-out-of-jail-free card. You get to keep the essentials, but all your assets like your car and house get sold off to repay the people you owe money to.

Furthermore, the bankruptcy will usually stay on record for at least 10 years afterwards. Good luck trying to get a loan when you have a history of not paying it back.

Bankruptcy as a Last Resort

While not a pleasant experience for anyone, bankruptcy exists as a last resort option that acts as a safety nest against the risks people take in business.

For more videos like this, head over to Wall Street Survivor.

Important Reminder!

The Motley Fool Stock Advisor ranks as our #1 Best Investment Newsletter for the third year in a row.

Their stock recommendations continue to beat all of the other newsletters and they maintain a very high accuracy of their picks. Their 24 stock picks from 2018 have outperformed the market by an average of 44% as of July 7, 2019. Read that again. I didn’t say their stock picks are up an average of 44%, I said they have BEAT THE MARKET by 44%.

No other newsletter comes close to that. You may have seen the Motley Fool’ advertisements that their picks are up 367% compared to the market’s 80%. Is The Motley Fool’s Stock Advisor really as good as they claim?

Our results, at least since January 2016, suggest YES. You can now get their latest stock picks for ONLY $19/month or $99/year. But this is a special limited time offer. It expires tonight at midnight.

Get the Motley Fool's Latest picks

P.s. this offer is still backed by their 30-day guarantee

LEAVE A REPLY