Below I’ve posted some interesting video links I hope you find helpful. Often, bankruptcy is required because of excessive credit card debt. Many of the links below deal with the credit card industry.
Credit Card Users Feel Pain
This video explains Chapter 7 from a business standpoint. While some of this holds true for an individual in Chapter 7, individuals don’t have to liquidate
(sell) all of their assets in Chapter 7. This is, however, an exceptionally good explanation of the fundamentals of a business liquidation in Chapter 7.
This video explains Chapter 11, which, although typically used to reorganize a business, can also be used by an individual debtor to reorganized debts.
I have also added the links below to two outstanding PBS Frontline documentaries. I encourage you to watch both of them.
This is a facsinating report confirming what we all knew: the mortgage modification process works slowly and poorly. This is an ABC news report.
CNN coverage on medical debt causing bankruptcy.
60 Minutes Report on Walking Away from Underwater Homes