This is When Filing Bankruptcy is Your Best Option
Bankruptcy isn’t the last resort most people think. In fact, answering the question, Should I file bankruptcy comes down to a couple of simple questions. Partnership with Upsolve peerfinance101.com/upsolve
Millions of Americans have filed bankruptcy for a fresh start on their financial lives. There are a lot of misconceptions and misunderstandings with filing bankruptcy though so I wanted to make a step-by-step bankruptcy guide to answer all your questions.
Once you’ve decided, see how much you can save on the cost of bankruptcy by using the Upsolve App. It’s a free bankruptcy app to help you file without a lawyer.
We’ll start with the basics like, What is Bankruptcy and what happens when you file. We’ll look at the different types of bankruptcy, chapter 7 and chapter 13, as well as the pros and cons of bankruptcy.
I’ll show you three bankruptcy alternatives and then reveal three scenarios for deciding if you should file bankruptcy. It’s everything you need to know in an quick video.
Don’t let the cost of filing bankruptcy stand in your way of a fresh start. Know how personal bankruptcy can help you get out from under your debts.
2:00 What is Bankruptcy?
2:37 What is Chapter 7 Bankruptcy?
3:11 What is Chapter 13 Bankruptcy?
3:36 Pros of Filing Bankruptcy
4:02 Cons of Filing Bankruptcy
4:44 Alternatives to Filing Bankruptcy
6:55 Scenarios When Bankruptcy is Your Best Option
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
#bankruptcy #personalbankruptcy #filebankruptcy
Пікірлер: 80
#QuestionoftheDay - Have you ever filed bankruptcy or thought about it? What were the factors that influenced your decision. Why did you file or choose not to file?
@ryanbaileyboxing
4 жыл бұрын
thinkin about it rn but dont want to sell my securities and lose my car - rather try to pay off debt than be stuck for 7 years
@thefitfrontier
7 ай бұрын
Why are we so excepting of student debt being non-dischargeable? And, when can student debt be discharged? what are the criteria... case law? Thx for the great video!
Filing for bankruptcy is just a legal process of reducing debt. Great tool for people who need it!
I am now considering filing as I’m almost 20k in debt and this pandemic made all those small payments nearly impossible.
@josephhogue
3 жыл бұрын
You're not alone Ashley. Bankruptcies going to be the big news in 2021 for a lot of people I'm afraid.
@ricardopadilla4774
2 жыл бұрын
I hope you are financially well right now 💯💪
Joseph, what an awesome video! You did a great job of explaining Chapter 7 vs. Chapter 13. I was a personal bankruptcy attorney for many, many years in New York before starting an online business and becoming an ex-pat
Thank you very much for this most informative and honest video! Very helpful!
Awesome video! I hope I am never in the position where I need to declare bankruptcy, but it is so important I (and the rest of your viewers) understand how bankruptcy can also impact the companies we invest in. Great and very timely topic!
@madstarr2
4 жыл бұрын
If a company I invest in files for bankruptcy, what happens to my stock, that is my question. Thanks for bringing this up!
@ryanbaileyboxing
4 жыл бұрын
amen to that - i admire how you watch other videos despite having an amazing channel yourself. Never stop learning! oos
@ryanbaileyboxing
4 жыл бұрын
@@madstarr2 you lose it lol
If you don’t really have any assets but high debt is bankruptcy chapter 7 a good option?
Thank You For The Light.
I know this is off topic but I have a question about the bond VGIT. I'm a little confused about buying bonds. When you get that, do you just buy it and leave it alone or are you supposed to keep buying shares of that?
I’m definitely considering filing. Almost certain actually. Lost my job, had a house that was being rented out until a murder was committed in the front yard and drugs found inside, had to evict the tenet but can’t rent or sell the house now. Was evicted from my primary house due to trying to balance keeping 2 home mortgages, as well as a car payment and living in a very high cost of living area. Maxed out credit cards and signature loans, and both banks refused short sales even when the appraisals came in lower than what I owed. One bank worked with me a little bit, but the other bank (USAA) was a total bunch of jerks and went in dirty on my car loan, as well as insurance as well. Believe me, USAA isn’t about the “helping” service members, their families or retirees nearly as much as they claim in their commercials. Unless it’s meaning is helping them OUT of their savings and any money extra they can fleece them for wherever they can.
@aryca5528
2 жыл бұрын
I totally agree. USAA is as bad if not worse!
@the_algorithm
2 жыл бұрын
USAA feels like a scam They want more money for less coverage than I am currently getting with a MAJOR insurance company... And I constantly get spammed now that I inquired about policy amounts
@qkingoftears
10 ай бұрын
did you end up filing?
Is an eviction considered a financial burden or loss or asset if and individual was or is evicted Six months after the first month?
What debts can’t be resolved? Can a personal loan be resolved?
I filled bankruptcy chapter 7 in 2016. I want to file again .I’m overwhelmed with debt due to my husband being sick and trying to pay everything by self . What would be any advice you can give me
what stock is the top one for cows in california i cant find one
thank you i am filing chapter 7 bankruptcy this video will help us all
Are partial shares available on the spreadsheet yet?
I’m being Sue by a Collection company, Can I file for Bankruptcy if I lose an Arbitration case?
Why is it when I click on the website it says it's bogus and someone might be trying to steal my info?
My buddy just filed Chapter 13 just before the pandemic. It cost him $4800 to file it. He didn't qualify for Chapter 7.
@anime_cyko
2 жыл бұрын
Why didn’t they? I’m worried I won’t qualify due to how much I make at my job. Even though I have about $15k credit card debt and personal loan together
My new car got total in a huge accident n now $20,000 in debt. Considering of filling bankruptcy
What is abb for bankruptcy
My wife and I are seriously considering bankruptcy at this point, as we are 60k in debt with no real answer to it at this point. Hoping it helps
@blackant51
14 күн бұрын
Did you do it?
No special shout out in the opening oh no this is not going to be pleasant.
I’m 22 have 14k on car loan debt that I wrecked before being able to insure 1k In credit cards 2k in other like medical and etc. and 3k in school loans my only assets is my 2006 Camry that I own should I file for bankruptcy?
@portspost9270
2 жыл бұрын
If you don’t plan on buying that needs credit for the next 10 years
@Framos16
9 ай бұрын
Student loans don't get discharged unfortunately
I about to get into debt, I’ll be paying everything cash for 7 yrs . I don’t mind
I owe SSA over $40,000 and medical bills over $3000, Dentist bill $1800. Should I file? and if so which one> But i want to buy a house soon
@faitaccompli5878
Жыл бұрын
If you do it, file chapter 7, that wipes out all the debt, Chapter 13 is just a reorganization. If you do Chapter 7 you're eligible for a home loan two years after filing.
I wanted to use upsolve but I wasn’t sure what state to file it in since I just moved to Arkansas less than 180 days ago and now we’re moving to Arizona in November with my fiancé whose in the military. Utah is what I’ve lived most my life so I figured there if file, but I didn’t want to do it the wrong way and then wait 4 months just for them to say sorry you filed it incorrectly so I called a lawyer. I think it might be worth it for the 1250 bucks to get rid of 16k when I make 29k. I’d you have any advice on what might be a good option it would be greatly appreciated. Thank you! 👍
@josephhogue
2 жыл бұрын
Might wait yo file in Arizona since that will be your new address but I'd double check with upsolve
@Anangelfromabove
2 жыл бұрын
@@josephhogue I got a lawyer yesterday. I think it’s worth the money to get rid of my debt I’m struggling with. They said because I still pay a lease in Utah I just need to file it in Utah before my lease is up.
I’m so stressed. I can pay my car loan and my mortgage but I can barely make my credit card payments and cannot make the payments on a second vehicle I don’t have possession of(I screwed up and co-signed for someone).
@Framos16
9 ай бұрын
File bankruptcy
I'm flat broke can't get auto lone unemployed two repos over 30,000 in debt I'm filing
@nicholehernandez1955
Жыл бұрын
Did you file?
@spec2be
Жыл бұрын
Did you file ?
What if I'm a single mom and I do have enough income but I'm upsidedown in a car loan and I have cell phone bills I can't pay off can I file ??
Should I file for bankruptcy when I only make like 30% of my previous salary? I can't afford my debt
@Framos16
9 ай бұрын
Yes
if i don't have debt, can i file bk?
@listen4159
4 жыл бұрын
Why would you? Overall answer is a no. Lol
@zdavidzz
4 жыл бұрын
I dare you to call into Dave Ramsey and ask him that same question.
@ordinaryman1603
4 жыл бұрын
@@zdavidzz why? he has experience with BK?
@debo2189
3 жыл бұрын
Yes and I believe you should as a preventive measure, this way you won't have to worry about filing it in the future
@nazirar7182
2 жыл бұрын
Yes
My husband has been holding a nest egg and keeping hidden assets from me, while I sink deeper into debt. I might file bankruptcy.
@caseygross2867
3 жыл бұрын
Probably b/c he saves and you spend it before u make it
@bbanne9142
3 жыл бұрын
@@caseygross2867 he kept my VA disability pay and my BAH too
@coltondykes9
2 жыл бұрын
yikes. toxic relationship
@AlexiaM
2 жыл бұрын
Wow that sucks I hope you are doing better and don’t need/have him in your life anymore.
O let's do it 😂😂😂
You should never use a new loan to pay off an old loan.
@josephhogue
Жыл бұрын
Why not? It's how refinancing works. As long as lower rate
fuck the credit card companies!! bail on them!!! they don't care about you
*I would try to avoid bankruptcy as much as possible. Living within your means always pays off and stop trying to lives like the Joneses.* 😉
@BayouHotBoy1
3 жыл бұрын
You should explain why we should avoid it.
@faitaccompli5878
Жыл бұрын
@@BayouHotBoy1 Bankruptcy stays on your record for ten years.
@BayouHotBoy1
Жыл бұрын
@@faitaccompli5878 Ok. I will be buying a house in December and it has not even been 2yrs since. No matter how bad it looks, there is always a way to get what you want in this world. Also, the loan is at a 0% rate.
@shaquillalewis8931
Жыл бұрын
@@BayouHotBoy1 once there’s a will, there’s a way !!💯
@Gigi_fromNY
Жыл бұрын
@@BayouHotBoy1 can you please elaborate? I’m about to file :( and so scared :(( I wanted to buy next year or next 2
I am scenario Andy 🫥