Good question. What does happen? Any one out there with that experience?

First time I filed I was 18... my soon to be ex had acquired alot of bills (shoulda been a sign eh LOL). When we filed then think it's called Chapter 7 - they wiped all the bills. Nothing happened but that. IT was on our credit for 7 years... once the divorce is final I will be filing again...same reason as before but I know the laws have changed, it's harder now to file a Chapter 7 you have to make under X amount...not sure what the amount is. Just keep in mind that it does go on your credit, not saying you can't get loans after you file but I do recall interest rate beng much higher... GL in your decision and keep in mind you can't file on taxes or student loans..or at least when I filed way back in '91 you couldn't

just filed a ch.13 saturday.ch.13 is a debt management plan.you still pay back your bills,still goes against your credit.most attorneys will give you a free consolation appt.to see which would be best for you ch.7 or ch.13
send me a message if you have any specific questions..i can more than likely answer them...I've filed ch.7 before as well.

What happens is if you are below the median income for your state and family size then you can file chapter 7. You can check the irs.gov website for the income limits. You will then have a meeting of creditors approximately thirty days after you file. Usually no creditors show up. They will then look at your assets. The assets you can retain though are quite high. I would consult an attorney and then go from there.

I filed Chapter 13 bankruptcy yesterday. It turned out to be the best option for me. A huge burden has been lifted to know I will now be able to make it through the month!