Here is a list of some things you should NOT do if you are considering bankruptcy:
Of course, this is not an exclusive list – what you really need to do is to get specific advice tailored to your particular situation from a qualified attorney.
- Don’t fail to tell your attorney about ALL of your bank, checking, savings, brokerage, and credit union accounts.
- Don’t file if your income is greater than your expenses.
- Don’t use your credit cards.
- Don’t take credit card cash advances.
- Don’t use convenience checks.
- Don’t do balance transfers.
- Don’t pay money to family.
- Don’t pay money to friends.
- Don’t tell a creditor that you intend to pay.
- Don’t leave assets off of your paperwork.
- Don’t file if you are about to receive a tax refund or inheritance. Discuss the timing with your attorney.
- Don’t fail to tell your attorney about your small business, sole proprietorship, partnership, LLC, LLP, LC, corporation, or hobby.
- Don’t purchase a home shortly before filing bankruptcy without consulting your attorney.
- Don’t give or gift property to anyone.
- Don’t pay more than $600 on any past due bill.
- Don’t transfer property to anyone.
- Don’t cash out retirement plans or 401k’s.
- Don’t take out a second mortgage.
- Don’t gamble.
- Don’t hide assets or debts.
- Don’t take out “payday loans”.
- Don’t put your money in your kids’ bank accounts.
- Don’t omit to tell your attorney about one particular credit card in order to “save” it for after your bankruptcy.
- Don’t fail to list debt to family or other “insiders.”
- Don’t write bad checks.
- Don’t borrow money.
- Don’t forget to tell your attorney about liens you may have on your home or unpaid judgments so they can be avoided.
- Don’t make major financial decisions without talking to your attorney.
- Don’t get married before filing if your spouse has a high income.
- Don’t misrepresent facts to your attorney.
- Don’t run up your credit cards, or other credit, in advance of filing bankruptcy.
- Don’t fail to appear at state court hearings, trial or proceedings.
- Don’t hide from your attorney. Keep her up-to date with your address, phone number and email address. Stay in communication with, and coordinate with, your attorney.
There are many other do’s and don’ts when you are thinking about whether to file a consumer bankruptcy case. So, take what information you have gotten from the internet and make an appointment to meet with a qualified attorney, face-to-face.
There is no substitute for personal, and personalized, advice from your own attorney.
I am happy to analyze your situation and prepare a game plan that works for you. So, feel free to phone my office at any time (520-955-3660) or send an email.