It is true that claiming bankruptcy is regarded to be a safer option for debtors to get rid of the unsettled debts. However, bankruptcy experts are of the opinion that it must always be considered as the last option by debtors. This is due to the fact that while it can bring relief to harassed debtors, it can have a devastating effects on financial future of an individual. What You Need to Know about Claiming Bankruptcy Being aware of rules, laws and other regulations can help individuals to remain alert about their choices and the possible consequences. It must be understood that large corporations require attorneys or lawyers when they're filing for bankruptcy. However, individuals can represent themselves in bankruptcy courts. It is highly recommended that a competent attorney or bankruptcy lawyer is hired, as laws of bankruptcy are extremely technical and it may not be possible for an individual to handle everything smoothly. Moreover, even slight misplacement of documents and papers can lead to rejection of bankruptcy appeal or at the worst, it can be deemed to be some kind of fraud, due to poor information or misplacement of important financial documents. So we advise you to hire a good attorney who will help you immensely in the entire process. Being guided by an attorney will give you the confidence that your decisions have been taken keeping in mind all legal formalities. Is it possible to claim bankruptcy for free? As such, there is nothing called "free counseling", and although there are many free websites that help you generate free bankruptcy calculator, they may not be of much help to you. You may also visit the federal government website, gather all information, research and update yourself about every bankruptcy law, but then again, it is not easy for us to get into the details of the bankruptcy world. Here again, the need of an attorney becomes necessary. Before you start your quest of claiming bankruptcy, hire a lawyer and set on a far better journey of achieving financial clarity. You will have to pay a fee to the lawyer, but when you view the benefits of expert advice and guidance in the long term, it is worth the price. Make sure the lawyers you're hiring are registered, experienced and you go to them through your contacts. Mostly, your attorney will analyze your financial health and based on that, you'll be advised bankruptcy filings. Either you'll be required to fill a Chapter 7 bankruptcy form or a Chapter 13 bankruptcy form. For individuals, generally it is Chapter 7 bankruptcy that helps them to end their debts without the need to repay them. When you will file Chapter 7 bankruptcy, all records of your finances, incomes and debts will be assessed carefully. Unless you're in a situation wherein you desperately need bankruptcy approval, it is highly probable that your appeal may be rejected. Your assets, income and financial records will be the ultimate proof of your poor financial health. In case you're not qualified for Chapter 7 bankruptcy, you may be required to file Chapter 13 bankruptcy, in which there will be some rules for you to repay some amount of money within every 3 to 5 years. Your lawyer will help you to know about pros and cons of in a much broader perspective. I can only say that, in the course of your future, filing a bankruptcy can have great effect on your financial status. It can also affect your social status. It must be your last option to get rid of your debts. Think about it twice.