You lose your credit for a while
The court settles your debt according to bankruptcy laws..depending on what kind of dept it is..it can allow you to start over, arrange for dept payment from assets, or just make things worse if you have a lot of debt that will still be there after the bankruptcy is filed.
Student loans cannot be "erased," either!
that's not true. There really are variances....and sometime the people still pay essentially the same debts and they have a bankruptcy on their record
It's definitely no fun, tho it's not the end of the world, either.
Dont F*&k up the second time!
Hasn't your lawyer told you?
nothing the usual iv always been bankrupt !!