People file bankruptcy for a number of reasons. Some because they lost a job or came down with an unexpected illness. Others because they have simply overextended themselves and need a fresh start. Whatever your reason, It is very important that you understand a few basic things about bankruptcy. So here we go. Here are 4 things you should know before filing bankruptcy.You must list all of your debts – When you file bankruptcy you must list every single debt you have. It doesn’t matter if it is current or not. It must be listed. Do not intentionally leave of any creditors. It is illegal and can come back to haunt you.You must list all properties and assets – Most of your assets are protected and cannot be seized by the court during a bankruptcy proceeding. However, if they are not listed, they cannot be protected. So make sure you list every asset and property that you own. It is illegal not to.Keep making payments on all secured property you wish to keep – Any secured property that you wish to keep, such as a house, car or furniture, must continue to be paid on.All bill collectors must stop trying to collect a debt from you – At the very moment you file your petition, creditors are no longer allowed to contact you to try to collect a debt. If you discharge a debt, that creditor can never contact you again.
For More Information Visit: http://www.floridalawattorney.com