{"id":33699,"date":"2019-02-21T11:46:02","date_gmt":"2019-02-21T15:46:02","guid":{"rendered":"http:\/\/www.andysowards.com\/blog\/?p=33699"},"modified":"2019-02-21T11:46:02","modified_gmt":"2019-02-21T15:46:02","slug":"8-important-things-know-filing-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2019\/8-important-things-know-filing-bankruptcy\/","title":{"rendered":"8 Important Things To Know When Filing For Bankruptcy"},"content":{"rendered":"

If you\u2019ve found yourself in a tough place and are considering filing for bankruptcy<\/a> but have no idea what that may entail then you\u2019ve come to the right place. This is a very basic list of things to consider before filing for bankruptcy.<\/p>\n

It Takes Time<\/h3>\n

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Filing for bankruptcy is not a one and done deal. It can take months or even years, depending on what chapter of bankruptcy you are filing for. Not only that but it will be mountains of paperwork that you will need to thoroughly sift through.<\/p>\n

The paperwork that you\u2019ll need to complete will be complicated and require scrupulous attention to every detail. One mistake could set you back or land you in a heap of trouble. If you are unsure how to fill out certain documents, you should seek legal advice.<\/p>\n

Public<\/h3>\n

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\nImage Source<\/i><\/a><\/p>\n

If the thought of letting the world know all of your money matters, including the mistakes, makes you uncomfortable, you better get over that real fast. You will have to complete a bankruptcy schedule which is a document that lists all of your debts, assets, income, expenses, and financial transactions.<\/p>\n

Not intimidated yet? You will also be required to go to a meeting of creditors. At this meeting, you\u2019ll be asked invasive questions by both the bankruptcy trustee and your creditors. The meeting is open to the public so anyone can come and hear your monetary issues.<\/p>\n

It\u2019s Expensive<\/h3>\n

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Filing for bankruptcy isn\u2019t cheap. If you choose to hire an attorney to help you with all the messy paperwork that can cost you hundreds or even thousands of dollars. There are also significant fees tacked onto filing your paperwork even if you do it all yourself. If you\u2019re lucky and broke enough you may be able to get your filing fees waived.<\/p>\n

Thorough<\/h3>\n

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\nPotential Pitfalls: Three Areas To Keep an Eye on to Avoid Business Failure!<\/em><\/p>\n

You will need to be completely honest and open about your financial situation during the bankruptcy process. According to The Balance<\/a>, \u201cIt is the position of bankruptcy courts that only the honest debtor is entitled to a discharge of debt.\u201d If you choose to lie during your case be aware that is considered a federal crime and you could be subject to investigation and punishment to the full extent of the law.<\/p>\n

4 Important Terms<\/h3>\n

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