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Common Bankruptcy Mistakes

Anyone considering bankruptcy is already under a considerable amount of stress. Making any one of these common mistakes, however, will only multiply any stress you feel now. Always act in good faith with your creditors and with the law.  If you are considering filing for bankruptcy, find an experienced lawyer to guide you through the long, complex route to debt relief and financial recovery.  It costs nothing to come in for a free consultation where you can get the information you need to make an informed decision based on all the options. Call 727.342.0347 or contact us online today to schedule a free consultation.

Bankruptcy Don'ts

  • Don't pay your relatives or friends in favor of your other creditors, and don't try to transfer property out of your name and into theirs. If you do, the bankruptcy trustee may sue them on behalf of your creditors to get the money back.
  • Don't attempt to sell your property for less than what it's worth. This will not reduce the amount you eventually have to repay — and you or whoever you sold it to may end up stuck with the difference.
  • Don't run up your credit card debt prior to filing a bankruptcy. The court may view this as an attempt to exploit the bankruptcy system, and the judge may treat it accordingly.
  • Don't buy any luxury items prior to filing for bankruptcy. Any luxury items purchased within 70 days of filing for bankruptcy are viewed as non-dischargeable debt.
  • Don't take any major cash advances off of credit cards prior to filing for bankruptcy. The court may suspect that you are acting in bad faith and may refuse to discharge the debt.

Bankruptcy Do's

  • Do take the bankruptcy court seriously, and avoid making any financial decisions that may make your creditors suspect you of filing in bad faith.
  • Do seek bankruptcy counsel before you file any papers, and learn your rights and options under the United States bankruptcy code.

You don't have to go through this alone, let us help.  Call today to schedule your Free Consultation 727.342.0347