What happens with a bankruptcy?
June 28, 2012 9:39 AM Subscribe
I am thinking I might need to file bankruptcy, but have very basic questions. Help would be appreciated.
posted by anonymous to Law & Government (15 answers total) 4 users marked this as a favorite
I live in Kentucky. I have a really good job making decent money. My wife and I (we have kids) own our home, with a mortgage. We have about 20% equity in the home. We also have about $40,000 in credit card and consumer debt.
It happened gradually, which I guess is how it always does, but it's now at the point where even though I make decent money, we're struggling to make minimum payments. So the thought of bankruptcy has crossed my mind.
As I understand it, there's the kind of bankruptcy where the slate is wiped clean, and then there's the type where you pay the money back, just on your terms. I'm interested in the latter. I absolutely, positively will not do anything that could remotely lead to us losing our house, or my career.
So please, in very basic terms, lay out to me the types of bankruptcy, and what are the possible repercussions for either. Thank you in advance.