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  1. 1. Declaring bankruptcy is the last resort formany 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 didnt really need to, but it can still be done. Here are some tips and instructions about how to declare bankruptcy.Bankruptcy Information
  2. 2. There are literally thousands of web sites and books available about how to filefor 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 additionalinformation later, but you really need to find a good attorney who specializes inbankruptcy
  3. 3. You do not want to compound the mistakes and events that have lead to thispoint by making a bigger mistake now Make sure you do plenty of researchbefore choosing a lawyer Ask how many of these types of cases he or shehas handled, ask for references and make sure you understand all of the feesinvolved before making a commitment
  4. 4. It is also important to understand that if certain things are not done correctlyyou can face fines or even jail time Finding a good lawyer is worth theinvestment Bankruptcy Information There are two types of commonbankruptcy, chapter 7 and chapter 13
  5. 5. There is also a chapter 11, but 7 and 13 are the two that most people file Thedifference is that chapter 7 deals mostly with unsecured debt like credit cardswhile chapter 13 involves secured debt like your house So if you have amountain of credit card debts but arent in danger of losing your house, chapter7 is probably the way to go
  6. 6. If you are in danger of losing everything but want to do everything you can tosave important things like your house, chapter 13 will be what you want toconsider Understand that in chapter 13 you wont be able to stop paying foryour house
  7. 7. Your debt may be reorganized but it mainly is a tool to help you get caught upOne last thing to remember about bankruptcy that is important is that yourcredit will be bad for seven to ten years
  8. 8. That is how long a bankruptcy will stay on your credit report While you maynot consider this to be too bad, understand that you probably wont be able toget a car loan, even for a cheap car, and you wont be able to get a credit cardfor quite a while
  9. 9. In other words, you will have to pay cash for just about everything
  10. 10. Bankruptcy Information