If you are in a substantial amount of debt and are considering filing for bankruptcy, there are quite a few things you want to know about it first. If you've never dealt with bankruptcy before, then you can be completely in the dark about how it works. Knowing more about it can help reduce your anxiety and allow you to proceed with the proper steps that can make filing a bit smoother. Here are four things to know about filing for bankruptcy:

1. It's a Longer Process Than you Think: Many people think that when filing for bankruptcy, it will be a simple process that requires filling out forms and one day in court before your debt is settled. However, this is not the case. If you are filing for chapter 7 bankruptcy, for example, you can expect the process to last about four months. Other forms of bankruptcy can take even longer. So if you are thinking about filing for bankruptcy, you must be sure that you are prepared to follow through with it completely. 
2. You Can Suffer Harsh Penalties: When you file for bankruptcy, you have to disclose all information about your finances. If anything is left out, you can face some harsh consequences. For example, your bankruptcy may never even be approved to be discharged if the courts find out that you have lied or left something out. You can also be put under investigation, which will delay your bankruptcy process even further. So be sure that you disclose all information. A bankruptcy attorney can help you with determining what needs to be disclosed.
3. Forms are Complicated: The forms that you have to fill out when filing for bankruptcy can be really confusing and overwhelming. Sometimes the wording on the forms are difficult to understand. This is why you should definitely consider hiring a bankruptcy attorney from a law firm like Spear & Blackburn PSC Atty who can help you with this process. With their experience, they will know how the forms should be filled. 
4. Bankruptcy Discharge Can Cause Harm to Your Friends or Family: If you are a co-signer with any friends or family members or if you have any debts that have a co-signer attached to it, the collectors can come after your family or friends. When you file for bankruptcy, collectors are no longer able to come after you for money, however, the debt is not canceled out, so if they have someone they can go after, they will. Your attorney will be able to provide you with some advice as to how to best handle this if there is a situation like this involved in your case.

By knowing these things about bankruptcy, you can determine whether or not it truly is the right choice for you. You can also know how to best proceed and more about how the process works, which can reduce some of your anxieties about it.