Do's and Don'ts of Bankruptcy

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What Is Bankruptcy?

Bankruptcy describes a wide array of complicated legal processes designed to help individuals and businesses get a clean slate. For consumers, there are two types of bankruptcy: Chapter 7 and Chapter 13. These are named for the chapters of the Bankruptcy Code that govern the respective types of bankruptcy.

There are advantages and disadvantages to bankruptcy. In any event, someone considering bankruptcy should keep certain things in mind.

What to Do during Bankruptcy:

What Not to Do during Bankruptcy:

What Factors Disqualify Me from Filing Bankruptcy?

There are restrictions on who can file for bankruptcy, so you should make sure you qualify for bankruptcy before you attempt to file for it. You may not file Chapter 7 bankruptcy if:

These factors have been implemented through BAPCPA as a means of preventing consumers from abusing bankruptcy privileges.

How Can Bankruptcy Affect Me?

Filing for bankruptcy can have affects in many other areas of life. For instance, a bankruptcy filing can affect child support payments in many ways. This is true for both the party paying for child support and the party receiving the child support.

Should I Hire a Lawyer to Help Me with Bankruptcy Proceedings?

Hiring a lawyer is the more important thing someone facing bankruptcy can do. Bankruptcy is a stressful time, made more stressful by a complex set of legal rules. Above is a general outline as to how to handle bankruptcy, and if you are considering filing for bankruptcy, hire a bankruptcy lawyer immediately. A bankruptcy lawyer can help you navigate the process and tailor a plan specific to your needs.

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Last Modified: 01-22-2016 01:17 PM PST

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