Bankruptcy can be a difficult process both emotionally and financially. If you are going through a Philadelphia bankruptcy you will want to contact a Philadelphia bankruptcy lawyer, also known as a Philadelphia bankruptcy attorney, to ensure that your legal rights are represented. Interestingly, though bankruptcy filings fell by about 182,000 between 2010 and 2011, approximately one out of every 70 U.S. households files for bankruptcy. No one is immune to the financial problems that can lead to bankruptcy. Many bankruptcies occur because of medical expenses or prolonged unemployment. Did you know that even the incredibly wealthy real estate mogul Donald Trump has filed for bankruptcy, not just once but four times?
There are several things to keep in mind when filing for Philadelphia bankruptcy. First of all, before filing for bankruptcy, most debtors are required to undergo credit counseling. Certain kinds of debts, including alimony and child support debts, student loan debts and debts incurred as a result of fraud cannot be discharged under bankruptcy. It also important to note that there are several different forms of Philadelphia bankruptcy, such as a chapter 13 bankruptcy and a chapter 7 bankruptcy. A Philadelphia bankruptcy attorney can help you to determine which form of Philadelphia bankruptcy is most appropriate for your situation. Additionally, it is important to note that after a bankruptcy filing, a debtor’s credit rating will suffer; chances are, however, that the financial circumstances that led to bankruptcy will have already negatively affected the credit rating. Lastly, when filing for bankruptcy you need to be honest about your financial situation. Falsifications on bankruptcy forms constitute perjury, and bankruptcy fraud is a federal crime in the United States. Overall, if you are filing for bankruptcy it is important to contact Philadelphia bankruptcy lawyers to get proper legal guidance and advice, as a bankruptcy can be a very confusing and very complex process.