If you are in a position to be reading an article about bankruptcy questions, I have to assume that your financial situation is not pretty. It is probably more than just a couple of credit card accounts that are a month past due; rather, it is likely much more serious than that.
But the problem with considering bankruptcy is that you are probably not heavily involved with the financial industry and just plain don't know what other options might be available to you, any of which are pretty a significantly better choice for you than the option of bankruptcy. You see, bankruptcy should be considered as an option of last resort, used only when you really do not have other options.
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Strangely enough, most people in this particular situation really do not know where they stand financially. They know it's not a pretty picture, but studies have shown that they really don't know exactly where they are at from a financial aspect, not down to the detail level. The sad truth about that fact is that this is something you absolutely must know or find out before you can determine your best course of action.
Another fact that complicates matters further is that the bankruptcy laws have changed significantly in recent years. In the past, a consumer could file for bankruptcy almost on a whim but those days are long gone. Today the courts look up your financial backside with a microscope, and every "T" crossed and every "I" must be dotted on the mountain of forms that must be completed to even be considered for filing. And oh yes, the court must approve you to file bankruptcy, and there is nothing automatic about it.
There are two key points you should understand from the statements above. Point number 1 is that bankruptcy is clearly not a DIY (Do It Yourself) project, like building a picnic table in the back yard. You need to make use of a bankruptcy lawyer, one who understands the law and most importantly, how to properly present your financial state to the courts so that the ruling is in your favor.
Point #2 is that you must understand where you are at and what financial options are available to you. Schedule a meeting with a qualified bankruptcy lawyer, explain what you are considering doing and get a bankruptcy evaluation. This is where the attorney will examine your financial details and based on his experience, make a recommendation for what you should do, as well as outlining other options that may be available to you, which may NOT include bankruptcy. If you decide to move forward with the filing, the lawyer can tell you from his experience what you can expect to happen, especially which chapter you will likely be approved to file, chapter 7 or chapter 13 bankruptcy.
Do yourself a favor and get a bankruptcy evaluation. You may be pleasantly surprised to find out that you have other options which are much more attractive. One of the keys when you have bankruptcy questions is to understand the question to ask so that you can determine and evaluate the answers.
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