Choosing To File Bankruptcy
It can be confusing knowing what steps to take in order to file bankruptcy; however, the most important step is to figure out what chapter bankruptcy to file for and then it gets easier from there. While hiring a lawyer in order to file for bankruptcy is an option, it is highly recommended. There are also other factors in filing for bankruptcy.
One such factor is a government mandated one. It is required by federal law to get credit counseling within 180 days of filing for bankruptcy. This is done to help the individual explore any other options available. While it seems great to have all debts erased, bankruptcy stays on credit reports for at least ten years.
It is also important to decide whether to liquidate assets in order to pay off creditors or if it would be better to keep all assets and be given time to come up with a plan to pay off creditors without selling off necessary assets.