7 Things You Need to Know About Bankruptcy

Nobody really wants to file for bankruptcy -- we'd all rather have the financial means to pay our debts. But for those who've suffered unemployment, a medical emergency, or other financial hardship, bankruptcy can keep your debt from spiraling out of control.

Bankruptcy is not a Get Out of Debt Free Card, and it's not exactly a bailout, either. So what is bankruptcy, how does it work, and should you file? Here are seven things to know first:

1. On Avoiding Bankruptcy: 5 Financial Tips

The best bankruptcy filing is the one you don't need to make. So make sure you know how to stay out of financial trouble.

2. Bankruptcy: Can I Keep My House?

It's probably the number one question for those considering bankruptcy, and the answer may depend on what type of bankruptcy you file for and the homestead laws in your state.

3. File for Chapter 7 or Chapter 13 Bankruptcy?

Not all bankruptcy filings are created equal, and no one's debt is the same. Find out which bankruptcy filing is right for you.

4. Filing for Bankruptcy? What Forms Do You Need?

Once you know which filing is right, you'll need the right paperwork. Putting together to proper petitions, exhibits, and schedules will be essential to your claim.

5. Bankruptcy Discharge, Dismissal Are Very Different

If you're filing for bankruptcy, dismissal is bad and discharge is good. Learn the difference and how to avoid one and attain the other.

6. Bankruptcy's Long-Term Effects On Your Credit

After the debt and the house, most people are concerned with how a bankruptcy filing will appear on their credit report. How much will it lower your rating? And how long will it stay on there?

7. 5 Things a Bankruptcy Lawyer Can Do (That You Probably Can't)

An experienced bankruptcy attorney can tell you whether you need to file, which filing is right for you, and handle all of the proper paperwork and court proceedings. So why go it alone?

If you're considering bankruptcy, talk to an experienced bankruptcy attorney today.

Related Resources:

• Find Bankruptcy Lawyers Near You (FindLaw's Lawyer Directory)
• 5 Questions to Ask a Bankruptcy Lawyer (FindLaw's Law and Daily Life)
• What If I Can't Pay My Student Loans? (FindLaw's Law and Daily Life)
• Bankruptcy and Foreclosure: 5 Things to Know (FindLaw's Law and Daily Life)