can anyone become bankrupt if they don't manage their financing correctly? its a

  1. Sally6767 profile image61
    Sally6767posted 13 years ago

    can anyone become bankrupt if they don't manage their financing correctly? its a scary thing!

    does filing for bankruptcy hurt your credit score?

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  2. maheshpatwal profile image65
    maheshpatwalposted 13 years ago

    From corporate as well as individual perspective finances are like backbone....... if not managed well, it can cause a lot of damage.
    Bankruptcy of Lehman Brothers which shook the whole world is one such example from recent times.

    replyreport
  3. scla profile image62
    sclaposted 13 years ago

    Yes honestly anyone can end up in this situation without wanting to. Most people who ended up filing for bankruptcy never thought they would be in this situation. For most people it is not so much that they did not manage their finances properly but that something happened that was unexpected that resulted in them getting into debt. A large portion of people were disabled, or had had a medical condition that prevented them from getting a job or reduced their income. Of course there are people who mismanaged their money and lived beyond their means. Filing for bankruptcy generally does hurt your credit score, but for most people who file their credit score is already more than likely very hurt. In some cases filing for bankruptcy can sometimes improve your credit score. There is a hub that I wrote about the effect of bankruptcy on your credit score: http://hubpages.com/hub/The-Effect-of-B … dit-Report

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