Chapter 7 and Chapter 13 personal bankruptcy. Created by Sal Khan.
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Finance and capital markets on Khan Academy: Back in the day (like medieval Europe), you would actually be thrown in jail if you couldn’t pay your debts (debtor’s prison). That seemed like a pretty awful thing to do (not to mention that lenders are much less likely to be paid by someone rotting in prison), so governments created an “out” called bankruptcy (which, as you’ll see, is a pseudo-painful “reset” button on your finances).
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I discuss the typical experience for people who are filing bankruptcy. We start with what the initial consultation with the bankruptcy attorney should be like. Then we look at what the relationship between filing bankruptcy and its’ effect on your credit and FICO score. Finally I discuss filing bankruptcy and divorce.