Learn about bankruptcy before meeting with an attorney

Determining whether to file for bankruptcy is a significant life decision.  Before speaking to an attorney, you may want to educate yourself on the basics of bankruptcy.  It would be helpful to learn about: 

  • Differences between Chapter 7 and Chapter 13
  • Pros and cons of bankruptcy
  • How bankruptcy will impact your credit
  • Typical bankruptcy costs
  • Understanding the bankruptcy process and timelines
  • Roles of the trustee and bankruptcy court

Gaining a basic understanding of these issues will enable you to ask more specific questions when you talk to an attorney.  You’ll also be better equipped to evaluate the attorney’s recommendations and advice.

RESOURCES
You can find additional information on the bankruptcy tutorial page at GreenPath University
Also, the U.S. government maintains a Bankruptcy Basics page online at www.uscourts.gov/FederalCourts/BankruptcyBankruptcyBasics.  The page includes a series of videos that cover various bankruptcy issues.

Another resource is the Acclaim Legal Services website, which includes extensive frequently asked questions at www.acclaimlegalservices.com/faqs and the definitions of lots of relevant legal terms at www.acclaimlegalservices.com/terminology.

Remember to do as much background research, before considering something as important as bankruptcy. Your research will make you an educated, informed individual and could help you in your final decision, concerning bankruptcy.

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