Once you have decided that this is your only way out of your financial woes, get in touch with a bankruptcy lawyer. These are professionals who understand the process, know the implications and provide bankruptcy services to assist you. The lawyer will be able to confirm that bankruptcy is your only and best option and if not they will offer alternatives that you can pursue to save your credit rating. Your credit may already be bad but if there is something other than bankruptcy you should consider it since the consequences of bankruptcy are long term.
Once you and your lawyer have settled on bankruptcy as your best option, the next step is to decide what form of personal bankruptcy is best for your situation. Your lawyer will use the information you provide as well as the documentation you produce to help you make this decision. Be completely honest with your lawyer or they could misguide you which could have serious implications. Chapter 7 involves liquidating all your assets and beginning a fresh. Chapter 13 on the other hand involves negotiated payment of debt. Each has its pros and cons and your lawyer will address each so that you can arrive a well thought out decision.
Beyond guiding you through the bankruptcy proceedings, your lawyer will help you get help that will keep you out of financial trouble in future as well as get you back on your financial feet. There are professionals who can help you with budgeting, financial planning, savings and other financial services. A lot of them will charge a minimal fee or offer free services as they understand that they are working with people who are in financial trouble.
If you know the people who understand how to claim bankruptcy you will find that the process could be much easier for you as opposed to the situation of deciding to go it yourself. It is important to note that bankruptcy should be an opportunity for you to reorganize yourself and prepare for a return to financial well being. Try and take care of your finances by following solid financial advice and you will never need to apply the information on this article.