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7 Bankruptcy Mistakes to Avoid

Posted By Allmand Law Firm, PLLC || 13-Jun-2016

Being honest and having the right information when you file bankruptcy can help you avoid mistakes that can complicate your case. Bankruptcy is a privilege that deserves your cooperative attention while working with the court to ensure you get a favorable result. The following points are a few common mistakes made by debtors that can be prevented with proper planning and further discussion with your bankruptcy attorney.

  1. Leaving out a creditor. In order to discharge qualifying debts, you need to be sure they are listed on your petition. Don't forget to mention any co-debtors or liabilities you share with another party.
  2. Waiting until the last minute to file. Some debtors learn after the damage has been done they waited too long to file. The sooner your file, the sooner you can experience financial relief and regain control.
  3. Neglecting to provide necessary documentation. There is information the court needs to know to make a fair determination on your case. In other words, tax returns, W-2's, pay stubs, bank accounts, and other required papers should be presented upon request.
  4. Filing bankruptcy when you are expecting a large tax refund. If you expect to keep your return you should review options with a qualified bankruptcy attorney. There are exemptions that may help you keep a portion of your refund depending on the amount.
  5. Making large purchases on your credit card before filing. You may want to review purchases completed with your card with your attorney to ensure they will not be a concern. This also applies to balance transfers, excessive cash advances, or increase in usage activity right before filing.
  6. Hiding or transferring assets before filing. In some cases, if fraud is suspected assets can be seized by the court.
  7. Forgetting to complete the second portion of credit counseling requirement. This is the financial management course similar to the first course completed needed to file. The second course is required before you can get debts discharged.

Let Our Team Walk You Through the Process

A Dallas bankruptcy lawyer from Allmand Law Firm, PLLC can help you understand all aspects of your current financial situation, your debt relief options, and what we can do to walk you successfully through the process ahead. To learn about gaining control of your finances, contact us for a FREE financial empowerment consultation.

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