Could declaring personal bankruptcy be the answer to your financial problems? well, it's possible, but you need to be aware of some of the recent changes in the Chapter 7 bankruptcy code. It's important that you ask a lawyer to explain these changes carefully so you can understand how they apply to your circumstances.
For example, depending on your income (and how it compares to the median income in your state), you may need to undergo an additional process known as a means test. This test tries to figure out whether bankruptcy really is necessary based on your income and expenses. Chances are you will pass this test, but if not you will be forced to declare Chapter 13 bankruptcy instead. This means that you would be responsible for paying back your debt (or at least part of it) over the next three to five years in monthly payments.
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You should also ask your lawyer to explain your state's bankruptcy laws regarding homestead exemption and the protection of your assets. If you declare Chapter 7 bankruptcy, you have to perform liquidation, which means you have to get rid of some assets in order to help pay off your debts. As a practical matter, most individuals declaring bankruptcy don't have many assets worth liquidating anyway, but you want to make sure that your house is protected. Your state may also protect your primary vehicle as a means of getting to work.
Much of this depends on how much your car and home to sing, since your creditors probably would not think it's fair for you to have an expensive vehicle while discharging your debt. Again, you need to be familiar with your state's specific laws and your lawyer can help you with this.
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