21. Don’t omit or ‘save” a credit card for after your bankruptcy. 22. Don’t fail to list debt to family or other “insiders”. 23. Don’t write bad checks. 24. Don’t give creditors postdated checks. 25. Don’t borrow money without talking to your attorney first 26. Don’t forget to tell your attorney about liens or unpaid judgments on your home. 27. Don’t make …
Don’ts in Preparing to File Bankruptcy (Part 2)
11. Don’t give of gift property to anyone. 12. Don’t transfer assets to anyone unless it is a genuine sale for fair value. 13. Don’t cash out retirement plans or 401k’s. 14. Don’t gamble. 15. Don’t hide assets or debts. 16. Don’t forget timeshares or co owned property. 17. Don’t omit unfiled legal claims you have. 18. Don’t forget stock options, profit sharing …
Don’ts in Preparing to File Bankruptcy (Part 1)
1. Don’t leave out bank, checking, savings, brokerage, credit union accounts. 2. Don’t use your credit cards. 3. Don’t take credit cards cash advances. 4. Don’t use convenience checks. 5. Don’t make balance transfers. 6. Don’t pay debts to family. 7. Don’t pay debts to friends. 8. Don’t tell a creditor you intend to pay. 9. …
4 Ways to Keep Your Stuff
1. Confirm a chapter 11 or chapter 13 plan under §1123 & §1129(a) although both are ride with too many complications to address here. 2. Redeem it. Special rules apply to certain vehicles but essentially the debtor is entitled to buy the property from the estate at a value determined by the court, Say a debtor owes …
Six Myths About Bankruptcy (Part 2)
6. It’s really hard to file for bankruptcy. It’s really not. You don’t even technically need an attorney. However, it’s not recommended to go through the procedure without one. I have seen more than one person leave the 341 hearing with rivers of tears flowing when some expertise from Bankruptcy Lawyer Port St Lucie would …
Six Myths About Bankruptcy (Part 1)
1. Everyone will know I’ve filed for bankruptcy. Unless you’re a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors. While it’s true that bankruptcy is a public legal proceeding, the …
Five Signs You are Headed for Bankruptcy
1. Denial. It’s been tough, but looks like we made it!” Really? Take a look around. Have you taken any time to think about the future and what it might contain? What contingency plans do you have if your situation suddenly goes very wrong? Bankruptcy is never a first choice, but it may be the only …
5 Dumbest Things NOT to Do Prior to Filing Bankruptcy (Part 2)
6. Be careful on trying to pay mortgage payments ahead. Sometimes what looks like smart financial planning turns out to be a problem. One example is an attempt to pay your mortgage payments ahead. Let’s say you know you are going to be on short term disability for a while. You take your savings and use …
5 Dumbest Things NOT to Do Prior to Filing Bankruptcy (Part 2)Read More