Fred and Wilma Flintstone

Filing a personal bankruptcy involves courts, counseling attorney, and fees.

Some of your property may be sole to pay down your debt. If they owe money on a
secured debt (ex. car loan); they have a choice of allowing the creditor to repossess the
property.
There are two files they can qualify for bankruptcy, Chapter 7 or Chapter 13. The
cost to file a bankruptcy for chapter 7 is up to $306 and for chapter 13 is up to $281.
They are going to have to know which of this best for you and not just because of the
money but for your protection.
Fred and Wilma are going to have to do is not get another credit card or borrow
money. The filing would stay in their credit for 10 years. It would affect their ability to get
a new credit card, personal loans or any other type of debt because the lenders would
see them as a high risk. But therefore the further the bankruptcy is in your past, the
easier it will be to borrow again, but pay a higher interest rate than other lenders.