What are some of the legal issues in declaring bankruptcy?

timer Asked: Jul 4th, 2014
account_balance_wallet $5

Tutor Answer

Alex Z
School: Cornell University

It's like opening Pandora's Box.  The rules vary by location (country-to-country...even within a single country the rules can vary by jurisdiction), but in the US, the majority of your assets are subject to seizure, you won't be able to get a loan or a credit card for at least 7 years and you will also find it difficult to gain employment in many professions (for instance, financial services...legally speaking, someone with a bankruptcy on their record is too much of a liability for a financial services firm to hire them).

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