What really happens to you when you file for bankruptcy? What do you have to do? How do you survive afterward?
One of the scariest aspects of bankruptcy is the fear of the unknown. Here are four real-life stories about people who filed bankruptcy. Hopefully, their stories can help you know what to expect — before, during and after bankruptcy.
- Robert, a pharmacist, filed for bankruptcy in 1999, when he was 39. He lost his pharmacy business after accumulating more than $600,000 in debt then going through a protracted divorce.
- Robin, 31, thought she was covered by health insurance when she spent a week in the hospital after a car accident. She was mistaken. She was already in debt from starting a freelance copy-editing business; with the hospital bill, her debts topped $65,000. Then she lost her job. That was the last straw.
- Michael practiced medicine for 45 years. He filed for bankruptcy at age 72, when he could no longer work and had no savings to fall back on. He was going through a divorce at the time as well. He owed about $50,000 in back taxes, medical bills and business debts.
- Andrew, 36, and his wife, Ashley, 35, owned a retail company that sold wireless products, telephones and satellites. They had a great run with it, but between a merger and employee theft, they ran up about $300,000 in debt. They filed for joint bankruptcy two years ago.
Click here to read more about these people and their experiences before, during and after bankruptcy.
Source: MSN.com
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Good article, Dan. Shows it can happen to anyone. Even Lincoln had to file bankruptcy! The first hurdle to get over is often getting over the stigma of having to file bankruptcy.