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That's what I thought. My sister just had it done about 2 months ago. Her lawyer told her she should go buy a new car right away but she did'nt want to as she just got a "newer" car last summer. I kind of wish she had gone looking just to find out what kind of rate they would offer. I guess the lawyers rationale was that she no longer has all the credit card bills anymore. She already has one new credit card, but of course it has a small limit and she is only going to use it sparingly and pay it off to get her credit rating back up. Her lawyer also told her her credit would'nt be good for only about 3 years for big purchases like buying a house. btw, I know it does'nt pay off your federal student loans, but I also have a private student loan that I hear it does pay off. I still don't intend on filing unless I can't land a full-time job in the next month or so, just trying to get all the info I can to make a better decision. I'm also wondering if you can get out from under your house if you file as I thought about selling it but it needs a lot of work to get what I want out of it to pay off my home equity loan?
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