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 attorney, also known as Philadelphia bankruptcy lawyers, to ensure that your legal rights are represented.It is important to note that no one is immune to the financial problems that can lead to bankruptcy; Did you know that even the incredibly wealthy real estate mogul Donald Trump has filed for bankruptcy?
There are several things to keep in mind when filing for bankruptcy. 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 bankruptcy, such as a chapter 13 bankruptcy and a chapter 7 bankruptcy. A Philadelphia bankruptcy attorney can help you to determine which form of 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 bankruptcy it is important to contact a Philadelphia bankruptcy attorney to get proper legal guidance and advice, a bankruptcy can be a very confusing and very complex process.