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Originally posted by skeeliteful
Let me make sure I'm understanding this correctly: You file for bankruptcy and althought it stays on your credit report for 10 years, you can pretty much start with a clean slate? Being a full time graduate student with student loans, credit cards (you see where i'm going with this  ) I'm quite curious about how the process works.
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Yes, at the end of most consumer bankruptcies you have discharged your debt. However, all debts cannot be included in a bankruptcy. I believe, for instance student loans cannot be discharged. Neither can child support, certain tax obligations. Do your research before thinking it is a solution.
I have found that often people get credit card offers etc as soon as a bankruptcy is discharged. Why? Creditors know you are debt free and figure that they have a pretty good chance of being paid back. Many people dig themselves the same hole the just got out of. That is how some end up filing over and over again. Everyone's experience after bankruptcy is not peachy keen. Depending on where you live, and what you do people can get things like cars but at very high interest rates (again potentially setting them up for disaster all ver again.) Now this is not everyone. Many learn and come out better and never ever have a credit problem again. It just depends.