The decision of bankruptcy

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By bigpumpkin | November 28, 2007

There was this executive committee member at the local club we hang out at who had declared himself a bankrupt. This posed an uproar amongst many members as they felt a bankrupt shouldn’t be allowed to hold such an important position. It was strange because I was introduced to this guy before and he certainly didn’t behave like someone who was a bankrupt.

So I did my research on bankruptcy. It is a last resort measure to declare when you have no other alternative to pay up your debts and monies due to others, after which all your assets will be sold to pay up your debts. However, if you could get yourself some good debt solutions, then you may just not have to take that drastic step.

As for this guy, I got the impression that he was not a real bankrupt, meaning he could very well have been a crook. After all, what have you got to lose if you haven’t got any assets? Just the shame!

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