I heard that they changed the term from 6 months to 2 years now, correct? Defaulted mortgages and back taxes are not part of the process, correct? I had a few acquaintances who had to go through this. One girl was kind of dumb about it, and decided to max out her credit card in the weeks leading up to declaring it, but anything in the last 6 months (or is it longer?) can be looked at and excluded from the list (from what my friends told me in their dealings).
It sounds like a rather complicated process, but it seems to at least allow people who have made mistakes or bad decisions from 'ruining' the rest of their lives.
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