Hello, my name is Marcy. I would like to talk to you about the various ways bankruptcy attorneys help you eliminate debt. My attorney helped me find all of the creditors that I needed to pay back. I was astounded at the number of creditors listed on the bankruptcy. Fortunately, my bankruptcy attorney assured me that my case was completely normal and possible to discharge through the court process. I hope to use this site to reassure others about their debt situation. I will share information about bankruptcy attorney services in an effort to help others tackle this difficult problem.
Filing for bankruptcy is an emotionally difficult time and a time-consuming process. If you're considering bankruptcy, there are a few thinks you need to avoid doing in the period leading up to filing and during the time after you file. Read this list carefully so you don't make any mistakes.
#1: Don't Dip Into Your Retirement Savings
Retirement savings are usually protected during bankruptcy, which means you get to keep them. This is because the courts and the law
#2: Avoid Extravagant Gifts
Every aspect of your finances will be examined closely, including any gifts you give during the bankruptcy period. This includes both money and goods gifted. If it's found that you have given large amounts of money to relatives, or perhaps gifted them expensive consumer goods like a boat. Your bankruptcy trustee may be required to ask for these gifts back to pay off creditors.
#3: Don't Transfer Funds
Avoid large fund transfers into protected accounts, like a retirement account, if you have already filed for bankruptcy. Any transfers should be approved by your bankruptcy attorney to make sure they don't raise any red flags with the court. While normal contributions into retirement and investment accounts can usually continue, it's generally advisable to avoid any new contributions.
#4: Stop Payment to Unsecured Creditors
Unsecured creditors, like credit cards, cannot seize any assets because of nonpayment. Stop paying these creditors as soon as you realize you may be filing for bankruptcy. You can request that they only contact you in writing if you want to stop the debt collection calls. You can continue to pay secured debts, such as house or car payments, if you are able.
#5: Avoid New Debt
Don't rush out and buy new cars, boats, property, or any large purchases – especially on credit – just before or after filing for bankruptcy. This makes you look bad, as though you are hoping that the new debt is discharged during the bankruptcy and you get to keep the goods. Once you suspect bankruptcy may be necessary, stop acquiring new debt completely.
#6: Don't Listen to Outside Counsel
Only your bankruptcy attorney should be giving you legal counsel. Do not listen to legal advice or threats from creditors, other court workers, family, or friends. If you have a question, take it to your attorney.