Bankruptcy is the same as being sued by all of your creditors within 30 days. Your trusted attorney that you worked so hard to retain will want a $1500 retainer fee just to look at your Bankruptcy and then once you have paid the attorney you will begin to be told what will be done with your property and income. You will have no power to negotiate with your attorney or the courts and you will be treated like a child.

(I’ll bet not one attorney will tell you that only those who have nothing to lose will qualify for a Chapter 7, meaning that they should not have filed bankruptcy in the first place.)

Expect to get into a Chapter 13 payment plan; even if your attorney files under Chapter 7, eventually it will be removed into a Chapter 13! If you don’t believe me, check the court records to see how many petitions were removed by an order of the court.

A common mistake people may make is to file for bankruptcy to save their home from foreclosure. The problem here is that in most cases the bank will request a removal from the bankruptcy proceedings, courts will usually grant, and the bank will continue with the foreclosure.

Oh yea, and the two bankruptcy marks will remain on your personal credit for 10 years.