Bankruptcy

Things NOT To Do Prior To Filing for Bankruptcy

Most people after filing for bankruptcy find their petition is not allowed. This can be due to many numbers of reasons some of them including things you did right before you applied for the bankruptcy. If you have made the decision to apply for bankruptcy here are some of the things you should avoid doing to ensure that your petition goes through

Failure to declare all your assets, income and expenses – this is the major determinant in your case. When you are filing the petition you must honestly declare your assets, income and expenses so as to aid the court to make a fair judgment on you case. Failure to do this the court might fail to grant you the discharge on debts and even fine you for knowingly giving the wrong information to a court of law. Try to get best lawyer for help on your case.

Continued use of credit cards – do not continue to use your credit cards. This is because the court will think that you are accruing more debt with intent not to pay back. If you cannot afford to pay debt please keep away from it.

Transfer of assets or money – do not transfer any assets or money to anyone prior to filing a bankruptcy case. This will look like an intentional move to reduce your assets and money when filling the petition. This is not allowed and if it was done it should be declared to the court before hand so that your case moves smoothly. Finding a good lawyer for bankruptcy case isn’t difficult and help us a lot when we need to filing bankruptcy.

Failure to file your tax returns – you will be required to have filed your tax returns for the previous year and also current year if required. Depending on the bankruptcy chapter you are filing for sometimes you will be required to have filed previous five years tax returns. Ensure that this done to have a smooth sailing petition.

Avoid tampering with your retirement funds – your retirement package might remain intact even after you file for bankruptcy. Avoid withdrawing money from the fund or taking an advance loan from it because this might not only affect your case but also your future. Retirement funds are important for those sunset years when you will not be strong and productive as you could be now. Let your retirement benefits remain intact.

Don’t forget to document your income and expenses if you are self employed – when you are self employed have proof of your income and expenses from the business you have for the past six months. This will help to show your financial situation more clearly.

When things are in order your petition should go through well and the discharge on your debts should be granted where possible. For more informations you can visit www.atlantabankruptcy.org.

 

Brenda Webb
About Brenda Webb 7 Articles
I am a sucker for gadgets, stubborn and curious. Always happy.