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Filing for bankruptcy is an important and necessary step for many individuals, although it is not always the easiest or quickest process. Those filing for bankruptcy must sift through the particulars, including amounts of filing fees, ways that these fees can be paid and the possibility of getting these fees waived. An experienced bankruptcy lawyer can handle these particulars and help make the process go more smoothly.

There are usually two main types of creditors involved in a bankruptcy proceeding: unsecured creditors and secured creditors. The difference between the creditors is important, whether you are involved in a Chapter 7, Chapter 11 or Chapter 13 bankruptcy.

Recently, there has been a significant push to allow debtors to discharge student loans during bankruptcy. As the law stands, student loans are one of the few debts that a debtor usually cannot discharge through a Chapter 7 bankruptcy.

An adversarial proceeding in bankruptcy court involves a dispute between two parties during the course of a bankruptcy. During the recession, there has been a rise in adversarial proceedings because bankruptcy has become a common phenomenon and has affected many people in all types of financial situations.

Individual debtors can choose to file for Chapter 7 or Chapter 13 bankruptcy, depending on their unique financial circumstances. Many people prefer Chapter 7 bankruptcy because it allows debtors to start anew by liquidating their assets and removing much of their debt. Yet, not everyone is eligible for Chapter 7 bankruptcy.