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this post was submitted on 20 Oct 2023
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I'm not holding my breath. Rich people do not play under the same rules as normal people. Bankrupt me and I'm on the street. Bankrupt rich dudes and somehow they still have lawyers, nice clothes and roofs over their heads that they own.
Depends on which chapter of bankruptcy, which all entail wildly different things. There's bankruptcy that effectively eliminates debt and others which force you and your debtors to come to the bargaining table to restructure your payment plan or they get nothing since you could just file for actual bankruptcy
The difference is if you can afford to pay for the lawyers necessary to create that restructuring or if there's any trust at all that you can pay it off eventually without getting yourself deeper in debt