Revised Jan 1998. If you file for personal bankruptcy, your problems are just beginning, not ending. No matter what you see or hear, bankruptcy is not a fresh start or a clean slate.
Bankruptcy can create more problems than it solves.
Personal bankruptcy, Chapter 7, is a court administered process which gets rid of some of your debts. The court gives creditors a prorated amount, depending upon what you owe and own. Certain items are exempt, and the court allows you to keep them. Personal property includes personal belongings, clothing, books, tools of your trade, and cars used for work. Most retirement accounts.