The goal of filing for personal federal bankruptcy is based on a federal law that is meant to provide the honest debtor with a fresh start. To help you determine if you need a fresh start, you can use our Credit Card Debt Calculator to determine how long it will take to pay off your credit cards if you cannot do anything about your debts that will help to lower them. A bankruptcy case is started when you file a petition. You must also file a statement of your assets and liabilities and schedules listing who all of your creditors are. When you file the next thing that happens is a property a debtor can keep through the bankruptcy that is determined by the specific exemptions that are available under your state's law. Bankruptcy Information allows you to search for state exemptions. In addition, residents of certain states are allowed to choose federal exemptions instead of state exemptions. Before you decide on the appropriate course of action in your case; you may wish to explore alternatives to bankruptcy and review the laws in your state so that you can get a better idea of what you should do. Since so many company's are now offering people credit even if they have been through a bankruptcy, many people are quick to do this as it seems like an easy way to get your creditors off of your back, and causes very little discomfort or effort on your part. That is simply not true. If your credit score has bankruptcy in your file, you may be un-entitled to ever buy a home, or a new car. That may not sound too bad right now but it can later. If you are thinking filing for bankruptcy, let me suggest that you see a credit councilor in your area first. They may be able to help you get out of debt without having to file for bankruptcy because all bankruptcy really does is give creditors a reason not to trust you.
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