Getting On The Right Side of FinancesGetting On The Right Side of Finances


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Getting On The Right Side of Finances

There aren't many things more intimidating than looking at a bank statement and realizing you don't have a dime to your name--despite your best efforts. I found myself in this precarious situation about a year ago, and I didn't know what to do next. I realized that if I didn't make some serious changes and fast, I would be in even more trouble with the law, so I started moving towards making some changes that would actually help. I met with a bankruptcy attorney, and we talked about how to wipe the slate clean. WIthin a few months, things were better. Read more about bankruptcy on my blog.

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Things You Should Not Do Before Filing For Bankruptcy

When you finally make the tough decision to go through with filing for bankruptcy, you might feel a sense of relief as well as some nervousness and anxiety too. It is very normal to feel a mixed range of emotions, and people feel this way partly because bankruptcy is an unknown for them. As you prepare for filing, you can relieve the anxiety you feel by fully learning how it works and how it will affect you, and you should also take the time to learn what you should not do just before filing. Here are four things you should never do before you file for chapter 13 bankruptcy.

Do not repay debts

The first thing you should not do when planning to file for bankruptcy is repay your debts. While it is important to continue paying your mortgage and car payments if you want to keep your house or cars, you do not need to pay your credit card bills. Additionally, you should never repay a lump sum amount of cash to any one creditor, simply to prevent the debt from going on your bankruptcy case. Bankruptcy courts frown upon this, as it can appear to be a fraudulent move to do.

Do not give things away

Secondly, you should not give anything you own away. This includes cash you have in the bank, cars you own, or valuable assets you have. By giving things away that you own, it can come across as another type of fraudulent move, and this could result in the trustee dismissing your bankruptcy case.

Do not try to hide debts, assets, or cash

Another thing you should not do is try to hide any debts you have, assets, or cash. You must disclose every bill you owe, every item you own, and all the cash that you have when you file for bankruptcy.

Do not acquire new debt

The fourth thing you should never do before you file is to acquire new debt. It may seem tempting to go out and use your credit cards to buy things, knowing that you will not have to repay these bills, but this is not a good move to make before you file for bankruptcy.

Filing for bankruptcy is a huge event you should take seriously as it has a lot of effects. If you are interested in finding out if bankruptcy could relieve the financial burdens you are facing, talk to a bankruptcy lawyer today.