The decision of whether to file bankruptcy or not is complex and difficult. Filing bankruptcy does have long-term implications to your credit rating, your ability to do such things as purchase a home and car, and possibly even get some jobs. However, the other side of that issue is that most people who are considering bankruptcy already have credit problems, and in many cases bankruptcy can be the most expedient way for them to get back on their feet.

The link below is to a Nolo.com article on Chapter 7 bankruptcy. Once you click on that, you can read that article which contains a good overview of what bankruptcy is and what it involves. At the top of that page, there is also a "search" function. If you click search, it will take you to a search page. There, type in "bankruptcy" as your search term, and where it asks for the type of info to look for, put a check next to "Articles and FAQs." This will lead you to a huge number of bankruptcy related articles.

The Nolo.com information is unbiased and can help you make your own decision about whether bankruptcy is or isn't right for you, and it can also help you decide between Chapter 7 bankruptcy, which is where certain debts are discharged, and Chapter 13, where you pay back a portion of what you owe, using court-administered payment plan.

Ken

Here is a link that might be useful: Nolo.com Bankruptcy Article

Here's a link to another Nolo.com article, this one titled "Bankruptcy FAQ." This one has more info than the one I linked above.

Ken

Here is a link that might be useful: Nolo.com Bankruptcy FAQ

Maybe you can find the information specific to your state at this link. Good luck!

Here is a link that might be useful: Eastern District of Virginia

Hi fbresnah,
Before you step in the bucket of personal bankruptcy, I'd urge you to determine what you REALLY expect to get out of it.

Bankruptcy is an effective tool for protecting income producing assets (like business inventory, machinery, and investments) from being siezed by creditors, thereby preventing any possibility of recovery.

Many (most?) people who use personal bankruptcy have no income producing assets to protect, and thus take a much worse medicine than the problem they are actually addressing.

Also, most folks who use personal bankruptcy are primarily attempting to "stop the noise" of the creditors & collectors who are relentlessly harrassing & pursuing them.

If you fall into the category of those who have no income producing assets to protect, you can often get FAR better results, with FAR fewer negative side effects by using alternative strategies.

Ken and I have gone from intense adversaries in our opinions to what I believe is allies in the concern for the common man who gets stuck in the mechanism of the public credit game. I know that at his core he cares deeply about people, and I think he knows that about me too.

Together (or not exactly together, sometimes,) we've dived deep into various aspects of this topic... and some great stuff has come out of it.

I'd invite you to surf a few of the following threads.
Some examples of misery sustained, and misery conquered!

http://ths.gardenweb.com/forums/load/finance/msg0914195427209.html?4

http://ths.gardenweb.com/forums/load/finance/msg081156017751.html?15

http://ths.gardenweb.com/forums/load/finance/msg1122145213469.html?49

http://ths.gardenweb.com/forums/load/finance/msg0811432230158.html?29

http://ths.gardenweb.com/forums/load/finance/msg010459412351.html?5

All the best to you with your challenges,
Dave

Check as to whether you'll get out from under all your debt - some debts in some jurisdictions are not cancelled in a bankruptcy.

There are the fees to be paid to the bankruptcy trustees, etc.

Who stand in line ahead of the people who benefitted you by giving you credit in the first place.

My former SIL went through bankruptcy owing under $20,000., while a friend of many years standing sniffed with disdain when he heard of it: he's sometimes owed well over $50,000. but wouldn't consider bankruptcy.

He's more self-reliant, more entrepreneurial - and more tough-minded - than the former SIL. Knows a lot more about money and how it works, as well.

I hope that you choose the path that'll be most effective for you.

Good wishes as you make the attempt.

joyful guy