What are the consequences of declaring personal bankruptcy?

Saturday, September 26th, 2009
bankruptcy
browneyedgirl asked:


I own a home with a mortgage and a car fully paid for. I get alimony and child support that barely cover the mortgage, condo fee, my health insurance premium, and utility bills. I have not been able to work because of illness. I have about $25K in credit card bills. Can I declare bankruptcy, and what would I lose if I declare bankruptcy?

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