I'm not a lawyer and I'm not giving you legal advice. This is solely my opinion and if you wish to get legal advice please consult with a competent lawyer of your choice in your area.

Now...the truth about bankruptcy is that it will give you a fresh start. In my opinion you should only file for a Chapter 7 bankruptcy if you ever choose to file. Chapter 7 bankruptcy is a total clean slate except for taxes and school loans.

Thanks to President George W Bush it's a little bit harder for individuals and families to file bankruptcy, but BIG BUSINESS / CORPORATIONS NO PROBLEM at all! Business as usual.

Chapter 7 totally wipes out everything you owe except for taxes and some school loans. Chapter 13 is a payment program. You get to keep your property up to a certain allowance and you pay your creditors back at a pace you can afford.

The problem with Chapter 13 is that most people that get into a Chapter 13 end up in a Chapter 7. They spend years trying to make the payments and it takes them double the amount of time to get things in order.

The Lies about bankruptcy, your credit will be ok soon after. No that Chapter 7 or 13 will hang on you like a 1,000 Lb. Gorilla!

Another Lie about bankruptcy is that it fixes your money problems. No! Your money problems will be fixed when you get a hold of your spending habits. The only way to do that is to eliminate debt and feel real money in your hands so you can make real decisions on if you should spend it or not.

My advice to you and I'm speaking from personal experience, start your financial life over and forget about what people may think.