Why Bankruptcy Doesn’t Really Cure Your Money Woes
Have you found yourself in the fifth circle of hell thanks to overwhelming credit debt, and student loans that will take most of your life to pay back thanks to late payments? That seemingly nice man on TV you don’t know told you filing for bankruptcy is the way to go, and you believe him. But trust, real life bankruptcy isn’t anything like what you know from Monopoly. According to our friends over at Black Enterprise, you’ll still be required to pay on the debts you incurred. Your financial obligations will not go “poof” and be gone for good.
From paying owed alimony to continuing to pay on your student loans and outstanding tax debts, your responsibilities are still expected to be handled. Bankruptcy isn’t the end all be all solution people hope it is. Hence many individuals filing more than once (see Toni Braxton for example). For more information on the specifics of what is expected when you file and advice on when and if you should file, see money and finance columnist Lynnette Khalfani-Cox’s article at Blackenterprise.com.