Types of Bankruptcy, a Storyboard

Types of Bankruptcy, a Storyboard

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Connor Ayubi 9-10-16 4th hour

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  • Types of Bankruptcy, a Storyboard
  • I Declare Bankruptcy!!!
  • Michael Scott, Dunder Mifflin
  • Created by Connor Ayubi
  • If you're like a lot of people, you may not understand what it actually means to be "bankrupt." The first step in grasping this ridiculously difficult concept is to learn about the different kinds of bankruptcy. So buckle up and prepare for this wild adventure of learning and knowledge!
  • 9/10/16
  • This type of bankruptcy allows you to liquidate your debt or releases you from all debt in your bankruptcy petition. All of your assets are collected by a bankruptcy trustee and turned into cash, before being distributed accordingly to those you owe. But what if you have certain items, like a sweet Corvette (which is why you may be bankrupt in the first place) that you want to keep no matter what? How can you protect it???
  • Chapter 7
  • Well, luckily you may be in luck! Certain items (maybe not that dope Corvette) can be exempt from being taken by the trustee. But most people who qualify to file Chapter 7 Bankruptcy will have very few non-exempt items, so you probably won't be able to keep that car... guess you aren't so lucky after all...
  • Chapter 7
  • The other type of bankruptcy is Chapter 13 bankruptcy. This allows you to keep your possessions (yes even your Corvette) and instead pay back your debt through reduced monthly bills over 3-5 years. You can only get this plan if you have enough income to actually pay these bills. And if you don't pay them the consequences are very serious.
  • Chapter 13
  • "Whether approved to file Chapter 7 or Chapter 13, current bankruptcy laws require you to attend special debt counseling classes designed to help prevent you from repeating the situation. If you decide not to attend, your bankruptcy petition can be dismissed and you are back in debt with limited options."
  • All credit for the quoted and paraphrased facts go to the great folks at sde.ok.gov from their Student Module 13.1! They've got a fantastic hardworking staff over there and this presentation couldn't have been done without them!
  • Also you can't file for bankruptcy again for another 8 years if you are approved by chapter 7 so take it seriously ;)
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