Bankruptcy Tips 1 - Get professional bankruptcy help from a lawyer. Many lawyers specialize in bankruptcy law, available online or locally. Fees payable to the lawyer will be monitored by the bankruptcy process.

Bankruptcy Tips 2 - Decide the most beneficial way to file, whether it is a Chapter 7 or 13. Your lawyer should be able to guide you in this decision.

Bankruptcy Tips 3 - Depending on what state you live in when filing, and getting your lawyers professional advice, decide if you want a single filing in your name only or a joint filing (if you are married) with your spouse.

Bankruptcy Tips 4 - You can avoid bankruptcy by doing things like living within your means, growing a savings account, and paying as you go. Do your best not too not accumulate too much debt. Keep an eye on your credit card statements and keep things paid down. If you're having trouble paying your bills, stop buying things! Pick up another job and pay your bills off first and foremost.

Bankruptcy Tips 5 - Anyone can encounter hard times financially, so don't let pride get in your way of dealing with your money issues. Don't blame yourself or get depressed but have a positive attitude to allow you to face your situation head on and may even let you see oppurtunities you may have missed otherwise to correct your situation. Don't let feelings of shame overwhelm you.

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Bankruptcy Tips 6 - Although it is not always a realisitic option when you may be facing very large debt, try negotiating with the creditor(s) before deciding to file bankruptcy. Creditors often offer settlement payments and even set-up installment plans as an alternative. Take advantage of these options.

Bankruptcy Tips 7 - Bankruptcy, unfortunately, has little to no effect on student loans. Congress has passed laws that protect students loans from bankruptcy discharge and allow the creditors to garnish your wages and/or seize your federal tax returns for reimbursement without even getting a court order to do so.

Bankruptcy Tips 8 - Bankruptcy can sometimes be a "nuclear option," in that once you file for it, it is on your record for at least the next seven years. Consider all your other options before taking this step, particularly since Congress has enacted laws that have made it even more difficult to file and to recover from bankruptcy. Consider finding a debt management or debt counseling program that can help you negotiate with your creditors and establish a payment system. However, be careful if you take this step that you are not just taking out a "consolidation loan," as the interest may be sky-high and it will take you even longer to pay this loan than to pay off everyone else in a timely manner.

Bankruptcy Tips 9 - When considering filing for bankruptcy, be sure to get copies of your credit report as this will let you know who exactly you owe and how much debt is on your report. You will need to get reports from all three agencies which are Experian, Equifax, and TransUnion as some debts may appear on one and not the others. So, you will need to get all of the reports in order to get a complete picture. You are entitled by law to a free copy of these reports once a year. If you already have gotten yours for the year, you may have to pay for a current copy to have the most updated information.

Bankruptcy Tips 10 - The bankruptcy process does not erase all of your debts. There are some debts that must be paid no matter what such as Federal or State Income Tax, Child Support, Alimony, etc. If you have such debts, you will have to account for them as you will still be liable to pay them.

Bankruptcy Tips 11 - There are different forms of bankruptcies. With the advice of a counselor or attorney, determine which might be best for your situation and proceed accordingly.

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