Real estate, word of the day, bankruptcy. Let’s go ahead and define this word. Use it in a sentence and then discuss it for just a moment. So thank you guys for joining us here. Bankruptcy is going to be by filing in federal bankruptcy court and individual or individuals multiple can restructure or relieve themselves of debt or liabilities.
Bankruptcies of various types, but not most commonly are individual, but seem to have Chapter seven where there’s no asset bankruptcy, which relieves the borrower of most types of debts a borrower can usually qualify for in a paper loan. Two years after this time period, a bankruptcy has been discharged and requires that they reestablish credit and repayment history.
OK, so I would go with a sentence next and that would be Chapter seven is the most common type of bankruptcy to file. And it’s scary, but not that bad, you can totally recover from it. So that’s using it in a sentence and a little discussion, I would also say that bankruptcy does have some history in the Bible, so it has its roots in there. And there was kind of this idea that a person there is seven years that a person had and they could only be held responsible for a debt.
And like the slate was cleaned every seven years, probably someone a little bit more versed in their Bible would know more about it, but it has its roots there. And seven years, Chapter seven, I don’t know, there’s something there possibly. And on your credit, it stays there. It used to be seven years. So these things kind of have some roots there. Anyways, ladies and gentlemen, that covers bankruptcy.