Questions about bankruptcy

Hello, I need help!!!!
I have appox $30,000 in credit card debts & a personal loan for about $9,000.

I am thinking of filing for bankruptcy as I am living from pay check to pay check and can`t seem to get a head.

I make roughly $45.000 per year and i seem to be getting more and more over my head. My friends have been helping me out and I will not stiff my friends. I have to pay pay them back but can’t because of my other debt. If i file a bankruptcy how much of my debt do i have to repay & how long after i file will bankruptcy will be on my credit history and when will i be able to start to rebuild my credit?

Posted on Tuesday, December 30, 2008 | Filed under: Bankruptcy
 posted by Questions @ 8:19 am 1 Comment
1 Expert Comment:

 At January 6, 2009 | 6:56 am , Barton Goth, Trustee in Bankruptcy Said...

In a bankruptcy non of your debt gets repaid. Depending on your assets and you income there may be a small dividend that goes to your creditors, but typically each creditor simply has to write the vast majority of the debt off.

As for your friends, if you file a bankruptcy legally speaking you must list all your creditors, including friends and family. Additionally, while in bankruptcy you must not make any payments to any of your creditors or this is considered a fraudulent preference and will likely result in you not being eligible fore a discharge. In connection with this failure to list them could be considered fraud and also result in the same difficulties. The only thing you can do is list your friends as creditors, and once discharged if you choose then you can make payments towards these debts, but it must be after you are discharged.

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