First, check with an attorney as laws ahve changed.
Some of the information can vary from state to state, but you do not lose your assets. That's a farce. You can declare bankruptcy, and keep your car if you are still making payments, and your house, etc.
When you declare bankruptcy, you get to go through your list, and say what's included and not. But do not think you are keeping credit cards, all your bank accounts, and so on. As soon as your bankruptcy is decharged, credit card companies, even those you had in good standing will cancel you. Same for some kinds of bank accounts. It's done for no other reason than you are now bankrupt.
You can dicharge credit cards, parking fines, and a number of things. Student loans are not covered, neither are back taxes, plus a few other things, so make sure you go over it in detail with your attorney.
Your credit will be in the toilet for 1-2 years. But you will receive all kinds of high interest offers after it's discharged. Apparently companies feel since you are now debt free, you have more disposable income. If you repair your credit by paying your bills on time, and so on, then you will be able to start buying things again in about 2 year mark. There will still be some things you are shut out of til about the 5 year mark. You will have to buy cars either cash, or from those high interest, no questions asked places. Things of that nature, but if you take the opportunity to get rid of old debt, then repair everything by paying on time for a few years, then you will be in the clear with most institutions. Not nessesarily banks. Also, depending on your state, insurance companies will hold the bankruptcy against you as well in your premiums.
Good luck.
