1. Declaring bankruptcy is the last resort for
many people who are in poor financial shape.
It is not as easy to do as it used to be
because too many people were filing that
didn't really need to, but it can still be done.
Here are some tips and instructions about
how to declare bankruptcy.
Bankruptcy Information

2. There are literally thousands of web sites and books available about how to file
for bankruptcy While it is true that you can file in some locations by yourself,
there is really only one smart way to do it I am going to give you additional
information later, but you really need to find a good attorney who specializes in
bankruptcy

3. You do not want to compound the mistakes and events that have lead to this
point by making a bigger mistake now Make sure you do plenty of research
before choosing a lawyer Ask how many of these types of cases he or she
has handled, ask for references and make sure you understand all of the fees
involved before making a commitment

4. It is also important to understand that if certain things are not done correctly
you can face fines or even jail time Finding a good lawyer is worth the
investment Bankruptcy Information There are two types of common
bankruptcy, chapter 7 and chapter 13

5. There is also a chapter 11, but 7 and 13 are the two that most people file The
difference is that chapter 7 deals mostly with unsecured debt like credit cards
while chapter 13 involves secured debt like your house So if you have a
mountain of credit card debts but aren't in danger of losing your house, chapter
7 is probably the way to go

6. If you are in danger of losing everything but want to do everything you can to
save important things like your house, chapter 13 will be what you want to
consider Understand that in chapter 13 you won't be able to stop paying for
your house

7. Your debt may be reorganized but it mainly is a tool to help you get caught up
One last thing to remember about bankruptcy that is important is that your
credit will be bad for seven to ten years

8. That is how long a bankruptcy will stay on your credit report While you may
not consider this to be too bad, understand that you probably won't be able to
get a car loan, even for a cheap car, and you won't be able to get a credit card
for quite a while

9. In other words, you will have to pay cash for just about everything

10. Bankruptcy Information