What all happens when you file for Bankruptcy? I feel that I am at my last straw and this is the only option I have left. Is it a good decision or not? I have tried looking up stuff about it but I don't think I am grasping the concept. Thank you.
It all really depends on your particular facts and circumstances, but I'll tell you this, for most people, it's a great idea. It just lifts a huge weight off of your shoulders.
I recommend you consult a local bankruptcy attorney to see what your options are. He'll be able to tell the the pros/cons.
The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: www.avanesianlaw.com for more information about my services.
Family Law Attorney
You've asked a very complicated question, beyond the scope of this forum. Generally, your assets and liabilities are disclosed to the court, and if you have any assets that are non-exempt, they are surrendered to your creditors. If there are no non-exempt assets, then you are only talking about the eliminate of liability for your debts (most of them). You need to schedule an initial consultation with a bankruptcy attorney in your area - they should not charge for that meeting.
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Chapter 7 Bankruptcy Attorney
I've written an overview of bankruptcy which you can get by following the link below. You really need to schedule a consultation with a local bankruptcy attorney so he or she can go over your financial situation.