Saturday School — What Is Bankruptcy?

Saturday School — What Is Bankruptcy? Photo by create jobs 51 / Shutterstock.com

What happens when you can’t pay your debts? In ancient Greece, you might very well have become a “debt slave” to your creditor. That would have meant cleaning the debtor’s house, tending his garden or doing whatever else was demanded until you paid off the debt.

Later in history, you might have ended up in debtor’s prison. Yes, that means you would have ended up in jail until someone paid off your debt.

Fortunately, debtors have more civilized options today. In a worst-case scenario, you can file bankruptcy. But what exactly does that mean?

This Khan Academy video explains the various chapters of bankruptcy. Watch the video to learn if this is the right option for you – and the serious limitations and drawbacks that come with making this choice.

Have you ever considered filing bankruptcy? Let us know by commenting below or on our Facebook page.

Popular Articles

15 Smart Ways to Organize Every Room of Your Home
15 Smart Ways to Organize Every Room of Your Home

Are you sick of clutter and digging around to find things? Get your household organized with these brilliant and inexpensive tricks.

These 6 Lifestyle Changes Might Help Prevent Dementia
These 6 Lifestyle Changes Might Help Prevent Dementia

Science says these practices can lower the risk of cognitive decline as we age.

10 Food Staples That Are Easy and Cheap to Make Yourself
10 Food Staples That Are Easy and Cheap to Make Yourself

Making any of these key foods yourself will improve your meals and your budget — not to mention your health, in some cases.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments