One of my friends is working on eliminating his debt. By filing for bankruptcy. I'm a little unclear on this process...
If one gets themselves in debt...decides they don't want to have to pay off their bills...can they decide not to be responsible for this debt anylonger by filling bankruptcy?
That's my understanding from this person.
The thing that gets me is that this person makes quite a bit of money. Can you make a lot of money, and still file? Where does this debt go?
I guess I can understand the need to file if there was somekind of emergency in which one aquired this debt...but what about frivolous spending?
Does this mean 7 years bad-luck?