The Pros and Cons Of Bankruptcy



The Pros and Cons Of Bankruptcy: One of a few options to get out of overwhelming debt is bankruptcy. Doug Hoyes, goes through the Pros and Cons of filing for bankruptcy while answering some frequently asked questions he gets as a Licensed Insolvency Trustee.

Hoyes, Michalos & Associates:
Pros and Cons of bankruptcy:
Consumer Proposals:

#bankruptcy #debt #becomedebtfree #debtadvice #LicensedInsolvencyTrustee

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19 Responses

  1. Sea Life says:

    Hello does the act alone of 1 person claiming insolvency to get out from under an unexpected 1099C debt get reported to credit agencies and your creditors? Thank you

  2. Good Deedz Will Make The World Change says:

    If your case gets dismissed what are the penalties can they take your house or social security check

  3. HBTwoV says:

    thank you for the help

  4. MrJackOfAllTraits says:

    I was playing monopoly and was wondering what actually happens when you are bankrupt. Lol

  5. Kevïe Blúrse says:

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  6. chris armon says:

    Was wondering if anyone would know the possible answer. I was involved in a car accident and I had no insurance ( stupid I know) the accident was not my fault but HER insurance still blamed me. I tried to fight her insurance on the claim of it was “my fault” because the know I did not have insurance. So no one could of protected my side. SO they sent me to collection for 40K. If I file for bankruptcy does that debt go away? Meaning do I still have to owe that 40K ?

  7. BUMPY JOHNSON says:

    Im also financing a car not from a common bank though, would i be able to keep car and continue to make payment towards it?

  8. BUMPY JOHNSON says:

    what about personal line of credit?

  9. Valerian Steele says:

    How long do you have to make the monthly payments with the bankruptcy option?

  10. J b says:

    Are you guys located in Maryland?

  11. RioVanni UOENO says:

    Before I file bankruptcy do I run in snatch all of my money out of my bank account?

  12. I am King Craig says:

    I am currently bankrupt and I am starting a country!
    It's only money people, stay healthy and only focus on things you can change.

  13. All Natural Fitness Coach says:

    Do you guys offer a free consult? Unfortunately one of the fitness centres I work out of may need to shut down. My friend who owns the gym is considering either bankruptcy/ proposal his biggest concern is that although he has a Limited Liability Corp. his lease still has 5 years and a personal indemnity. Although I understand ALL personal property is in wifes name.

  14. Hope Luxx says:

    When I was 18 I got myself into some debt, about 10 thousand is left on a 2005 honda (that i still use), 6000 is owed to rogers (they charged me that for one week of using my data on my cellphone when i was drunk in cuba) and 2000 for getting evicted when I was lost my job at 22…. I struggled with drugs, alchoholism and homelessness as a child up into my early 20's …hence the poor decisions and having no clue as to the later consequences of my horrible choices…

    I am currently 28, I'm in my third year of Nursing school… I am a single mother to a son …. I live in housing…. I'm clean and sober… I work as well full time at a minimum wage job…. I am terrified for my future…. I worry about the life I will be able to give my son having bad credit… all of my debt has gone past third party collections… its been 10 years just sitting there…. I looked into bankrupcy but the guy wanted to take my car from me and I was pregnant and homeless and his father abandoned me and cheated on me when I was 6 months pregnant so I couldnt just take away my only means of transportation with my baby (especially having no one to depend on to drive me anywhere)

    I truly don't know what to do… I dont have 18,000 to give to clear it and even if I did I don't know if it would erase it and put me in good standing… I've never been good with money, or saving, or even knowledgable about finances and credit and debt etc. I want to take responsibility and right my wrongs from my young and stupid teenage years but I truly dont know what to do…..

    Any advice is greatly appreciated…

    P.S. my ending goal is to not only not have bad debt, but be able to restore my credit so I can one day have a safety net (credit card) and be able to get a loan for a mortgage or a loan for a car …. Thanks for your time.

  15. John Doe says:

    Cant believe u have to pay to talk to these mother fuckers

  16. Damon Jones says:

    iam a carpenter and need my work truck. I also have a car for personal use worth 6000 dollars. can I keep both ?

  17. Tay Roriz says:

    Thumbs up if your business is going to shit rn

  18. Atomic Pressure says:

    What do you mean by make a payment make a payment for what

  19. DC Reptiles says:

    Idk why but you’re voice is very satisfying

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