Is bankruptcy too good to be true?

I was looking into bankrupcy to see how it really works they say that all creditors will drop all balances owing and if you have a car or a house loan you get to keep your car and house they give you a lower interest rate, also they say that your...

credit score goes up to me it sounds to good to be true anybody know of any good websites to see or ever been in that industry?..miss v

I'll try to keep it simple. to file bankruptcy you have to enlist the services of a bankruptcy lawyer to guide you through the process. you will go to bankruptcy court. the bankruptcy officer will already or should have all of your information and ask you some questions pertaining to your debt. your creditors will not "drop" all balances. based on what you owed your debts will be consolidated and you will receive a new balance. it will be considerably lower than what you previously owed. you can keep your car depending on what type of bankruptcy you file. your first step should be to contact a bankruptcy lawyer. good luck

Me and my husband just filed and we got to keep both of our vehicles amongst other things. We rent, so I don't know about that. All of our creditors are gone and we have a fresh start. In Ohio Bankruptcy it stays on your record for 7 years. We have already been getting mail on loans and credit cards, but I wouldn't suggest getting any of these due to the high interest rates. We will have to wait and see what else is in store for us..
Hope this helps..