If you feel bankruptcy may be necessary, you should consult a lawyer. A lawyer can help explain to you how the process works and can evaluate your exemptions and non-dischargeable debts. The lawyer will help you make an intelligent decision about whether bankruptcy is your best alternative, and if so, under which chapter you should file. When you consult your lawyer, you should bring a detailed list of all your debts, including the amount of the outstanding balance in cash and a list of all your property. It is important that all of your bills and property be listed so that the best solution to your problem can be arranged.
Every circumstance is different.
Only by going over all of the facts can your lawyer help you avoid any problems that could interfere with bankruptcy. Bankruptcy may appear on a person's credit record for at least ten years. It may make it difficult to obtain credit for a while. Yet, at the same time, a person considering bankruptcy may already have a poor credit rating. In some cases, bankruptcy may actually improve the ability to get credit, since many of the debtor's former debts are discharged.