Once you have filed for bankrupcy, your debts are discharged , except student loans which you can never be discharged. You will lose all assets if you can’t pay the bills and more than likely unable to purchase a home for at least 7 years.

You have to disclose everything.

The new laws essentially make it a lot harder and stressfl to file for bankrupcy since so many people have recently been using bankrpucy as little more than an excuse to spend like crazy a long as they can and walk out on the bill.

2. All your finances and assets, and debts.

3. It depends, Chapter 7 may discharge your debts, in which case the debtors are no longer permitted to attempt collection.

4. The new law allows you to keep more in a Chapter 7, and reduces fraud. For example, if you have a retirement account, which is protected from creditors in a Bankrutpcy, and you dump all your money into it before filing for bankruptcy, to keep it from the creditors, that’s a no-no. But if you make regular deposits to your retirement accounts for at least a year, that is OK.

5. You must live in the bankrupcty court district that you file in for at least 6 months before filing.

FYI: The Bankrupcty laws are federal, but state laws and constitutions and local laws give you various other rights. See a Bankruptcy attorney in the area you intend to file in. Most will give you a FREE initial consultation.

Do not expect Bankruptcy information from one state to apply completely in another state.

1. It might depend on how you file your taxes.
2. You’ll have to disclose anything the IRS wants, and your financials will have to be made transparent without gaping holes.
3. Upon bankruptcy, notice is posted so that anyone you owe money to can file claims against you. You will wind up paying back everything you can afford to and more. No credit cards, no loans, no buying a house, and pretty much your credit is ruined for the next 9 years. You’ll be put on a payment plan, I believe.
4. I don’t know how they’ve changed. What I do know is that voluntary and involuntary bankruptcy are different, with varying outcomes.