Originally Posted by
ShaolinLueb
not chapter 7, most of it goes away (ie what puffy said also goes to this.) and your credit is ruined for 10 years. another form of bankruptcy is chapter 13 and chapter 13 is a consolidation where you pay it back if you have the money with no interest building. anyways i don't think he can file bankruptcy to just to get out of paying it. he will probably have to do it a couple months from now.
Chapter 13 allows you to pay a percentage of what you owe. Like 10 cents of the dollar...or whatever percentage your lawyer and the court deems that you can afford. And you can take up to 5 years to pay.