Bankruptcy Type Advice When Selecting Chapters
Selecting proper types of bankruptcy results from careful consideration of several factors. Each debtor has different expectations and goals. Each debtor owns a unique portfolio of assets and liabilities. Financial histories and past transactions all impact the ultimate selection of a particular chapter. Most attorneys offer free initial consultations and advice on bankruptcy. Rather than waste this prime opportunity to discuss various options, consider preparing a balance sheet and monthly income and expense summary. With these tools in hand, attorneys will be able to provide detailed suggestions and explain applications of law. For more information, see:
Many debtors file without legal representation. For small cases with limited exposure to liability, a few pro se debtors perform well. Usually however, pro se debtors do not receive the full range of benefits allowed by the code. For more information on types of bankruptcy, navigate to the types of bankruptcy topic.
Also, be aware of the difference in cost among various types of bankruptcy. In the past, Chapter 7 for individuals potentially cost less than all others because of the relatively quick time required for administration. Following the enactment of new bankruptcy laws in 2005, far greater compliance requirements for debtors and their attorneys are expected to increase the cost of all types of bankruptcy significantly.
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