Some Basic Bankruptcy Facts

- Do your research. This will allow you to be proactive and informed.

- Even the rich file - in a lot of these cases they are the ones that use the system so it benefits them, so you might as well too.

- Be sure you include all eligible debt.

- Some debts cannot be discharged and those include tax bills and student loans. Yet, in a lot of cases, they'll work with you.

- After you file, an "automatic stay" is put into place and now your creditors aren't allowed to try and collect or contact you. When they do, they're breaking the law, so contact your lawyer.

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- Your bankruptcy will remain on your credit for ten years but you still can re-establish some credit. There are a lot of companies that specialize in re-establishing your credit. Their fees could be higher, yet over time, this will really help, if you're responsible with the credit.

- Your landlord and employer won't be informed of the bankruptcy, unless they're one of your creditors. But remember, this is an issue of public record, is someone is curious they can find out if you filed or not.These are some bankruptcy facts that are overlooked.

- For a year, at least, keep all the bankruptcy records and all the back-up documentation.

- Be sure you and your attorney have a good compatibility with each other and that you're comfortable.

- Creditors who you owe debts, if they decided to, can dispute the release of a certain debt or the whole discharge at any time from when the date of filing to the sixtieth day after the first set of meetings for creditors. Usually this hardly ever happens, because all burden of proof lies with the creditor and usually their insurance covers the discharge of the debt.

- Don't go with those companies that claim they do credit repair. Most are often bogus and then you are stuck with even more debt.

- Under the BAPCPA, the law is now changed on how a bankruptcy can be eligible and filed for chapter 7. Since this has been in effect, it's extremely important for you to consult with your lawyer to find out if your eligible to file chapter 7.

- You will only be able to receive chapter 7 discharge bankruptcy once every 8 years, so be very careful in how much debt you accumulate after it's been discharged. You can file chapter 13 bankruptcies any time.

- If you're planning on filing chapter 7, your lawyer is only allowed to take installments for their fees before they file chapter 7. If you haven't paid in full the agreed fee before the filing of your bankruptcy case, then your lawyer will have to waive the whole balance so they can continue representing you. If they don't, then they will become your creditor, and that isn't allowed. If they try and seek the remaining balance after filing, they are disregarding the automatic stay, so that means they may not make you pay them the unpaid balance.

In summary, with these basic bankruptcy facts, you can continue with your research, and see if this is the right choice to alleviate your debt responsibility.

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