Bankruptcy Isn't Always the Best Choice When Debts Pile Up

[gaeokm41]

what rights do you lose when you go bankrupt? I thought you just get your credit rating messed up really bad

[Fightdebt]

@gaeokm41 If you are talking about a "reorganization" type bankruptcy, you lose control over your budget to a very large extent, and you lose a lot of privacy. If it is a "liquidation" bankruptcy, you, again, lose a great deal of privacy and you might have to sell some of your stuff. This is a general answer only, and if you were actually considering bankruptcy you would want a much more specific one from a practicing bankruptcy lawyer. In the video I was referring to privacy and control.