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 plans, or pension rights.19. Don’t take out payday […]
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 have avoided any […]
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 numbers […]
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 takenany 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 choice […]
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 […]
No Money Down?
It is not commonly known that, as many as 70% of Chapter 13’s fail. Because of the limited budget allowance demanded by the Bankruptcy code, unforeseen additional setbacks in the debtors finances forces many Bankruptcy filers to either dismiss their case (in which case they end up right back where they started); modify the case […]
Financial Slip-ups to Avoid.
Raiding your 401(k). Don’t think of retirement savings as “now” money. It’s money you’ve got to save for later. “Some people use their IRAs, and wind up in bankruptcy,anyway.” Even if you end up having to use it post bankruptcy, it will go a lot further towards survival of your family after bankruptcy;
5 Dumbest Things Not to Do Prior to Filing Bankruptcy (Part 1)
1. Don’t tap your retirement funds. One frequent mistake made by people in financial trouble is to take money out of a 401k plan or IRA in order to pay things like credit card debt. Retirement funds like 401Ks and IRAs are protected from both creditors and bankruptcy trustees. Creditors can’t take the money, and there […]
Financial Mistakes That Lead You to a Bankruptcy
There is no shame in bankruptcy. That is a point we have tried to emphasis throughout this site. Things happen, and you sometimes need help to get through it. While it is better to file for bankruptcy rather than let debts that you can’t afford to repay pile up, it is even better to not […]
