Mistakes to Avoid
Massachusetts, New Hampshire, Maine & Rhode Island Bankruptcy Attorneys
COMMON MISTAKES TO AVOID IN BANKRUPTCY
Bankruptcy involves many detailed and complex steps in order to ensure that you have the best outcome to your debt situation. In order to make sure that you do not do anything that will affect this outcome, we recommend you meet with one of the experienced Bankruptcy Attorneys at FAMILYLEGAL to protect you from mistakes that could cost you considerably in the end. Below is a list of just a few of the costly mistakes to avoid.
- Do not hide assets or debts. Doing so could lead to your entire Bankruptcy case being Dismissed, in addition to possibly serious criminal penalties and fines.
- Do not tell a creditor that you intend to pay. Doing so could lead to that creditor bringing this up to the Trustee Meeting of Creditors and expecting to be paid in full.
- Do not pay money to family or friends. You cannot treat family or friends any better than your other creditors. If a Trustee becomes aware of this, he/she can reclaim the money from your family or friend.
- Do not put your money in your children's bank accounts. Attempting to hide assets is a serious offense and can not only have your Bankruptcy case Dismissed but could lead to fines and imprisonment.
- Do not omit or 'save' a credit card for after your Bankruptcy. Again, this will not be looked at lightly and is sure to show up on close inspection.
- Do not misrepresent facts to your attorney. Doing so could lead not only to having your Bankruptcy case Dismissed, but to other penalties and fines and loss of the assistance of an attorney,
- Do not run up your credit cards in advance of filing Bankruptcy. Certain amounts may be considered non-dischargeable in your Bankruptcy case, and you may have to pay those off in full.
- Do not transfer property to anyone. Again, this is attempting to hide assets and is a serious offense that can lead to possibly serious penalties, loss of property, fines and possible criminal action.
- Do not file if your income is substantially greater than your expenses. You will likely not qualify for a Bankruptcy. Another debt handling situation would probably be best for you.
- Do not take Credit Card Cash Advances immediately prior to filing Bankruptcy. Certain amounts may be considered non-dischargeable in your Bankruptcy case, and you may have to pay those off in full.
- Do not do balance transfers immediately prior to filing Bankruptcy. Certain amounts may be considered non-dischargeable in your Bankruptcy case, and you may have to pay those off in full.
- Do not cash out retirement plans or 401k's.
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