Can someone answer these questions about filing bankruptcy?
Some will depend on the type of bankruptcy he were to file. Filing for bankruptcy will erase the (some or all) debt and will show on his credit report for 7 years – this does not take away his credit, but will make it harder for him to obtain any new credit during that time. Anyone who is a co-borrower or joint account holder for any debts he owes on could be negatively affected – it will show on their credit for those accounts. As to if he will owe, that will depend on the Chapter he files – one will take everything and forgive it or sell/reposess things that are owed on (although negotiations can be made to keep things such as the house). Another will try to help out and he can keep his house and pay back some debts under negotiated terms – ie. he may have to pay half of what he owes instead of the full amount. Here’s a good resource for you: http://money.howstuffworks.
