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.
The only thing that is not "erased" is any kind of debt owed to the IRS....
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.
I went through this two years ago, personal & business bankruptcy. If you have any questions or want to know more, message me....I will give you honest answers....
Dont F*&k up the second time!
Hasn't your lawyer told you?
You start fresh and debt free.
nothing the usual iv always been bankrupt !!