Yes. It's a huge con. Never file for bankrupcy. As kevin O'leary said you become toxic.
No bank will lend you money. You don't fool creditors twice.
There are historically two goals with bankrupcy, which are conflicting:
- Pay the creditors and punish the debtor,
- Give a fresh start to the debtor.
Sometimes law chooses one or the other or try to mix both.
From my experience fraudulent bankrupcies are minimal. Normally It's a domino effect. The first company doesn't pay and files for bankrupcy. Then the second company which expected to receive payments also fail.
If you have a good lawyer he will negotiate every debt and setle with creditors for better payment conditions. And avoid bankrupcy. Most lawyers just file for bankrupcy since it's less work.
Lawyers usually use bankrupcy as a bluff or A bom. Both on the creditor or debtor side.
In roman times there was a law which you could make the debtor you're slave or cut him up And divide him by the creditors.
No bank will lend you money. You don't fool creditors twice.
There are historically two goals with bankrupcy, which are conflicting:
- Pay the creditors and punish the debtor,
- Give a fresh start to the debtor.
Sometimes law chooses one or the other or try to mix both.
From my experience fraudulent bankrupcies are minimal. Normally It's a domino effect. The first company doesn't pay and files for bankrupcy. Then the second company which expected to receive payments also fail.
If you have a good lawyer he will negotiate every debt and setle with creditors for better payment conditions. And avoid bankrupcy. Most lawyers just file for bankrupcy since it's less work.
Lawyers usually use bankrupcy as a bluff or A bom. Both on the creditor or debtor side.
In roman times there was a law which you could make the debtor you're slave or cut him up And divide him by the creditors.