A commonly held belief about bankruptcy is:  “If my debts are too high to manage, I can go bankrupt and nine months later they will be gone.  I will start fresh.” For many this is true and one of the tenets of our bankruptcy system is indeed to give the “honest but unfortunate debtor” a fresh start.  However, our bankruptcy system also strives to hold the bankrupt responsible for their debts, even if those debts will eventually be compromised. Failing to understand what their obligations will be and the elements of the bankruptcy process often leaves a bankrupt feeling confused, disappointed and even angry at the end of their bankruptcy experience.  In an effort to eliminate unpleasant surprises and the resulting disillusionment, here is my list of “five things you should know before you go bankrupt”:

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