One of the more difficult times in life comes when you don't have the necessary money to pay your bills. This could be due to any number of things, ranging from losing your job to getting a divorce. The key to getting through this challenging stage in life may rest in filing for bankruptcy. Being aware of specific things you should do before filing bankruptcy may be helpful to you.

Choosing the type

Taking time to learn about your options when it comes to bankruptcy is in your best interest; for instance, if you're trying to get rid of personal debt, the best type for you to choose is Chapter 7 bankruptcy.

There are many rules and regulations you'll need to follow, and working with the local courthouse in your community can be helpful in learning what these may be.

Know the time-frame

It's essential to have a good idea when the bankruptcy will be complete, so you will have an idea of when many of your debts will be discharged. Studies indicate it can take four to six months for this process to be complete, so you'll want to be prepared to wait for a few months.

Debts not discharged

Knowing the liabilities that won't be released when you file for bankruptcy is one thing that can be extremely helpful to you. Keep in mind there are several of these, and it's in your best interest not to expect payment on the ones listed below:

1.    Student loans – If you've borrowed money to get your education at any point in time, this money will need to be repaid.

2.    Court-ordered payments – One of the fees you may need to make if you're going through a divorce and have kids is either alimony or child support; these won't be discharged with bankruptcy.

3.    Income taxes – It's necessary to pay money you owe to the Internal Revenue Service (IRS) because the court won't dismiss this type of payment; however, keep in mind that you can pay these debts by making monthly payments.

Working to know as much as possible when it comes to filing for this legal status is sure to be helpful. This is an important step toward getting the financial assistance you need so you're not always worrying about getting your bills paid each month. Be sure to work closely with a bankruptcy attorney in your area today, or contact professionals like Todaro David M Co LPA for more information.