Re: What's the real story on personal bankruptcy?
I am not an attorney & this is not legal advice.<br /><br />You can't wipe out alimony with bankruptcy - I think the only way to not pay is to go underground. <br /><br />Chapter 11 is corporate reorg, chapter 13 is personal reorg, and chapter 7 is liquidation where most all of your debts get wiped out. An individual has to convince a judge that your situation is really hopeless to get chap 7 or else they put you in chap 13. Where the court takes your paycheck & parcels it out to creditors. Takes as long as it takes.<br /><br />Protected assets varies from state to state; in Texas it's your homestead up to 200 acres, cemetary plots, up to $60k of furniture, tools, one vehicle per licensed driver, two firearms, livestock, pets and some other stuff.