Bankruptcy is a legal status of a person or an organisation that cannot repay the debts it owes to its creditors (As stated by Wikipedia). These financial situations can happen to anyone at any time in any place. From New York lawyers to New Orleans lawyers, bankruptcy is all around, especially with the economy's current state. There are several forms of bankruptcy, so you will want to consult with your attorney about which is right for you. The state in which you live also will contribute to the type of filing you need to submit, every state is different, but there are Federal bankruptcy laws also, so do your research and be ready for your consultation with an attorney, have your questions ready, written down, and in detail to get everything covered, and make sure you understand what is being stated to you, (I always say they only stupid question is the one that was never asked) you need to be on the same page with the attorney.
Now with all said and done, I won my custody battle for my son, my fiancée is adopting him when we marry this year. As far as the bankruptcy, I am finishing that up right now, but just so everyone knows, student loans can not be dismissed! They stay with you forever, well in Pennsylvania they do, and you can usually work with most student loan companies. My bankruptcy attorney has been wonderful and just full of help for working with the companies I am settling debts with.
**Disclaimer: I am participating in a blogger campaign in behalf of Lincoln Law, California bankruptcy attorneys, through KirkpatrickandAssociates.com I received compensation to facilitate this post. However, the views and opinions are my own.