Comments on: Chapter 7:Bankruptcy Liquidation

By: bankruptcytips

bankruptcytips — Mon, 23 Nov 2009 03:09:10 +0000

Well layed out and … Well layed out and thanks for going to this effort. I think it was worth mentioning that many people over value their assets as you pointed out and don't realize the danger that can present down the track.

By: creditliberation

creditliberation — Mon, 23 Nov 2009 03:09:10 +0000

if you file for … if you file for bankruptcy it's not the end..I am in process of recovering or my husband is..please visit my blog

By: daveeb0y

daveeb0y — Mon, 23 Nov 2009 03:09:10 +0000

Even when your … Even when your Assets are greater than your Liabilities, you can still go bankrupt if you have 0 cash and are unable to pay the interest payments you owe on the debt. This is why there is the popular phrase "Cash is King".

By: wwwdotLPdotorg

wwwdotLPdotorg — Mon, 23 Nov 2009 03:09:10 +0000

Thank you, I might … Thank you, I might have missed that.

By: clovermintblue

clovermintblue — Mon, 23 Nov 2009 03:09:10 +0000

he is talking … he is talking specifically about chapter 7, bankruptcy liquidation. Where, the owners just decide that they do not want to run the company anymore, for whatever reason, that is when they file for Chap 7, bankruptcy liquidation.
See this video once again, you'll get your answer.

By: wwwdotLPdotorg

wwwdotLPdotorg — Mon, 23 Nov 2009 03:09:10 +0000

If the company had … If the company had 7 million in assets and 6 million in liabilities then why would it file for bankruptcy?

By: CenseSay

CenseSay — Mon, 23 Nov 2009 03:09:10 +0000

that could just be … that could just be australian law, or an australian loop hole (most likely) that the company crawled through and can legally demand the money from its shareholders

By: brokeinvestor

brokeinvestor — Mon, 23 Nov 2009 03:09:10 +0000

Its still in the … Its still in the woodworks so not yet. There has been no talk of a government bailout for these Average Joe's who owe tens of millions.

By: wmacorlando

wmacorlando — Mon, 23 Nov 2009 03:09:10 +0000

Have they actually … Have they actually been forced to pay?

By: brokeinvestor

brokeinvestor — Mon, 23 Nov 2009 03:09:10 +0000

There are stocks … There are stocks that you in fact have to pay off the debt in the company. Google "Brisconnections" (a company in Australia). The people who bought the stock recently owe $2 per share. The stock is at $0.01 and no buyers. So heaps of un-educated investors have been trapped into $mils of debt. The investors are getting taken to court cause they cant pay up.