How Can Bankruptcy Get So Confusing

: Chris Lee Law Firm

  Filed under: Bankruptcy

bankruptcyMany individuals are under the impression that going bankrupt is a simple procedure. That all it means is going to court and filling out an application. It is usually far more complicated than this, and for this reason a lot of people decide to use a Dallas bankruptcy attorney to help them through the entire process.

Navigating The Process

There are many different forms and procedures that have to be followed through the entire process, and this is where the confusion sets in. Some people find it difficult right from the start because they have to determine if they qualify for a Chapter 7 bankruptcy, or whether they have to go for the Chapter 13 offering. There are different factors to determine this and individuals want to use this type of debt relief are not sure how to go about this.

Then confusion sets in as to which types of debts are exempt and which are not. Many are under the impression that all of their debts will be totally wiped out no matter which bankruptcy they go for which is often not the case.

Confusion comes to the actual paperwork when they are required to fill out their assets and liabilities as they are not sure which are applicable. The problems that can arise with bankruptcy confusion are many. It can often mean errors are made which can slow down the process. It can mean filing for the wrong bankruptcy which then means starting over again. It can also mean filing the wrong information that can have some serious consequences.

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