[Jake]

I know that bankruptcy should be a last resort to clearing your debt, but sometimes I just feel like saying the heck with it and wiping the slate clean. But then I come back to reality and realize I don't want to mess up my credit standing. The only person I know that has filed for it wasn't able to get a car loan or be on the application for an apartment for the 7 years they say it takes to come off. They weren't lying about the 7 rule!

[craftykris]

It is the last resort so I would not file if you don't have to! It's just not something that you want to deal with. I heard that student loans do not go away ever even when filing bankruptcy - is this true?

[Claudia]

I'm not sure about that craftykris. I would check with a lawyer. Sometimes bankruptcy is the only thing left to do, especially if you have a lot of medical debt. Paying on thousands of dollars worth of bills would never end.

[Jake]

Oh, I know. I'm not going to do it. I was just dreaming about the feeling of having all debt wiped clean. I know in the long run it isn't worth it. I don't know about student loans. From what I understand, any debts that are included in the bankruptcy, they will be wiped out and by law you are protected from those people seeking payment.