What is one drawback of declaring bankruptcy?

The newly institution question and answer enquired students to claim what they agree to is the most important point for a student to do in order to attain success. Out of the many responses, the one which that stood out was practice. Successful persons commonly are not born successful; they become successful by hard work and commitment. If you wish to reach your goals, keep this in mind! followed below some question and answer examples that you would certainly work with to supercharge your knowledge and gain insight that will assist you to preserve your school studies.

Question:

What is one drawback of declaring bankruptcy?

A. It can be used only if a person has good credit.
B. It severely lowers a person’s credit rating.
C. It often results in a civil lawsuit.
D. It prevents a person from getting further education.

Answer:

Answer:

B. It severely lowers a persons credit rating.

Explanation:

Immediately a person files for bankruptcy, their credit history changes to bankrupt status instantly. The bankruptcy status may stay up to 10 years. It becomes very challenging for such individuals to get credit facilities. Any lender seeking to get their credit history to advance them a loan will get a bankrupt status as the feedback.

Bankruptcy means that the  person does not have sufficient  assets to cover their debt obligations.  All their credit cards get canceled. The bankruptcy status creates a long term negative effect on credit history.

They could actually hopefully guide the student solve the question by obtaining the questions and answer examples. Then may possibly carry out some sharing in a group discussion and also learning with the classmate somewhere around the topic, so another student also procure some enlightenment and still keeps up the school learning.

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