Why are people scared of going bankrupt? Won't life continue even after a bankruptcy?
by 
Suby the Coat
ANSWERS: 5
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Life will continue but at somebody's expense and you can never stand on your feet again.I remember a case of an Indian who was declared bankrupt and who lived in 5* hotel in Delhi and said that some friends paid for that.Very shameful if you have lived a lavish lifestyle!But some people stand up also from total ruin, case of Mr.AB!
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The older you are and the less you are able to work in a profitable field and support yourself the more you fear being without money..being dependent on others..being unable to pay your bills. It harms your credit rating..it puts a cloud over you that other creditors see wherever you go for a very long time. It is a very scary prospect. If you aren't apprehensive/scared about it that would seem a little strange to me. :)
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That's why they are scared, yes life goes on and it's going to be a tough life if you have no place to live, nothing to eat, no warm clothes, no medical care, no, no, no etc.....
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Because they know it will ruin their credit and they will not be able to purchase another home for at least 7 years, buy a new car or have any credit cards. Life will continue for them, but it will be difficult to start all over again; especially if you're not so young. I know a family that happened to; and they couldn't even get anyone to rent them an apartment after the bankruptcy. Her mother moved out of her own home and got a small apartment so they would have a place to live!
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yes it will, but people are insecure about things like that
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