How long will the bankruptcy filing stay on my credit record?
Ten years. However your credit rating will come back faster if you remain current on secured loans such as mortgages and car loans.
Can I keep my house and cars if I file bankruptcy?
Yes, provided that the amount of equity you have in these assets is less than the allowable exemptions and you remain current on any loan secured by these assets.
Will the fact that I file bankruptcy be published in the local paper?
No, not unless it is a business case. However the bankruptcy records are open to the public.
Should I feel guilty about filing bankruptcy?
No, bankruptcy is designed to give honest debtors a fresh start.