I have a friend who just filed for bankruptcy. They owned rental properties and when the economy crashed, they could not pay for the mortgage in their properties. Their credit card bills are piling-up so they decided to just file for bankruptcy to save themselves.
They hired a Bankruptcy Lawyer and they provided to him all the necessary paper works. Now their case is going smooth and they say around August everything will be done and finalized. They get to keep their house and their car and all the stuff they bought with their credit cards. That's awesome if you ask me.
I am happy for her but I am glad that we don't need to go through her predicament. But if I am in financial strife and I need to get out of it, I would definitely file for bankruptcy and hire a good lawyer to represent me.
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