What happens to my assets in the bankruptcy?

hewet · Apprentice Joined: 17 Oct 2005 Posts: 1

Market as a whole depends on the financial state of its parties. Simply put, when economy is failing, so do many companies, and so does the confidence in them. For now dangers of bankruptcy are real. It is not that it happens when you have more debts than assets, it happens when there are no more potential sources that can make you earn more money to cover future debts. If you go into bankruptcy, you will likely be able to clear debts, but your assets and credit rating will suffer. However, if you do it right, it might be a good chance to start over.

ephrem · Apprentice Joined: 15 Mar 2008 Posts: 1

There are various reasons why people get into insecure deals. People have loans or mortgages with payments they need to follow, but fail to do so. The way to get out of a debt is filing for bankruptcy However, if you want to avoid such extreme measure, you should talk to your lender and try to restructure your debt and make it more easily payable. If you have enough credibility, you should also make another comprehensive plan about what to do with the money you would obtain by restructuring.

briano · Apprentice Joined: 09 Nov 2004 Posts: 1

Businesses have not been going well for quite some time now. In fact, all this year has been pretty turbulent for business owners. Some have lost confidence from their customers. Hopefully, things will change, but I can tell you that the first step should be lowering your prices and more advertising could be a way out. Bankruptcy is a final measure, and before that you need to try and make a deal with a bank about a credit that would pull you out. However, if you are not able to manage that, you should file for bankruptcy. Best of luck.

What happens to my assets in the bankruptcy?

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