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/biz/ - Business & Finance

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1152791 No.1152791 [Reply] [Original]

Hey /biz/, I recently got back in touch with a good friend of mine who just told me that he hired a lawyer and is planning bankruptcy. He lives in an apartment with one roommate and claims that he'll be able to stay in the apartment. This comes as a huge shock to me because I thought he was doing well for himself. He says he'll just pay cash for everything from now on, and that the bankruptcy is to "erase past mistakes". He is a veteran and I'm afraid he'll end up on the streets, but that may be because I don't really understand bankruptcy. How bad is it really? In what way is his life going to be worse? Is homelessness a valid concern or am I being paranoid?

Thanks /biz/.

>> No.1152795

>>1152791
try this --> www.google.com

learn how to internet

>> No.1152805

>>1152791
it is my understanding that bankruptcy is a magical code that whisks away all debt owed for one's fuck up or general bust. Everyone gets one, kind of like a deferred judgment. Beyond that, not really sure how it messes up your life except for maybe poor credit rating.