Bankruptcies ruin credit. Most

financial institutions will not

look at any credit application that you might submit until 3-5 years after a bankruptcy. If any of your bills are paid late immediately following your bankruptcy, it will eliminate you from any new credit consideration.

Bankruptcy does not wipe out mortgages on property. The law protects properly executed security agreements on automobiles and homes, up to their value. See current new bankruptcy laws that are taking effect shortly in your state.

• It does not wipe out claims for alimony or child support.
• It does not wipe out most taxes.
• It does not wipe out government-insured student loans (becoming payable in the past seven years).
• It does not wipe out claims arising from fraudulent representations to obtain funds, or  from willful injuries.
• It does not wipe out debts for substantial purchases made shortly before the bankruptcy filing.
• If you file a bankruptcy; it may stay on your credit report for up to ten years.

AGAIN---Make sure you check the new bankruptcy laws coming into effect.