Tips For Filing Chapter 7 And Chapter 13 Bankruptcy

Is your debt growing and it's looking like you may need to file for bankruptcy? Do not feel as if youare on your own. Many people, globally, have had to resort to bankruptcy for their financialhardships. The following article will provide you with some bankruptcy tips that you can use forguidance as you make your way through the process.

Honesty is of utmost importance during your filing, even though it may be tempting to "pad" youranswers a little. Not only is hiding income and assets wrong, it is also a crime.

Make sure you keep reminding your attorney about any important details in your case. Don't assumethat he'll remember something from a month ago; tell him again. This is your bankruptcy case, so donot be afraid to remind your lawyer of any key facts.

Make sure that you understand the difference between Chapter 13 bankruptcy and Chapter 7bankruptcy. Chapter 7 bankruptcy is intended to wipe out all outstanding debts. You will be removedfrom any contracts you have with your creditors. Chapter 13, on the other hand, involves a five yearpayment period before any remaining debts are cancelled. You need to be aware of the pros andcons of each type of bankruptcy so you can correctly select the best choice for your situation.

Become knowledgeable in regards to details about chapter seven bankruptcy vs. chapter 13bankruptcy. Research them online to see the positive and negative aspects of each one. Engage yourattorney in a conversation about each type, and ask him to answer any questions you may havebefore deciding which kind is right for you.

The introduction to this article emphasized that many, many people have filed for bankruptcy in thepast and many will in the future. Unlike others in this situation, you now have the information youneed. Use these tips to help make sure you get through the process of filing bankruptcy with aminimum of stress.