My wife and I are considering filing bankruptcy. We've got excessive credit card debt and just need a fresh start. I was just wondering is someone could give me some ideas of what to expect after we file? We just spoke with a lawyer tonight and he makes things sound so simple. Get rid of the credit card debt....give up what few assets we have...then deal with the bad credit for 10 years. At the rate I'm going the bad credit doesn't really seem to be a big issue. I'm going to have bad credit either way. It just sounds way too simple. What am I missing here?
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It is basically a simple process but it can turn on a dime depending on the trustee you get. It also depends on whether you are filing asset or no asset. If you file asset then the trustee will try and sell off your assets and distribute them to your creditors. Sometimes that can be a little hairy. If you file no asset it is less complicated but BK is not guaranteed. We, on this forum, have already seen evidence the trustees are preparing for the infamout BK law that takes effect in October by being stricter about expenses, income, reason to file, etc. I do agree about the bad credit vs bad credit. Once the deed is done there is no turning back. The damage is already done. Good luck!
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