Then, the attorney will place the assets within their proper exemptions. There are certain things you cannot do when you are getting ready to file for bankruptcy. Above all, the bankruptcy attorney is an officer of the court, whose main responsibility is to protect your interests. Saving money by doing it yourself is false economy. In deciding whether to file for bankruptcy, a person or a business should always weight the pros and cons.
Bankruptcy is considered by the courts to be extraordinary relief.
A bankruptcy will stay on the debtors credit record for up to ten years. This may make it difficult to get financing for major purchases in the future. When a person who has filed bankruptcy does get credit, usually it comes at higher interest rates. And in the event that a catastrophic event reducing income occurs within seven years of the filing, the debtor may find that he or she is not eligible to file for bankruptcy another time. Some other options that should be considered before filing would include debt consolidation, credit counseling and taking an additional job to pay down the debt.