Consider These Helpful Tips Prior to a Bankruptcy Filing
For those considering filing for bankruptcy, it is very important to understand certain "do's and don'ts." For example, don't withdraw from retirements assets such as 401(k) and pension accounts. Retirement assets are exempt under bankruptcy filings. Otherwise, after debt is discharged from bankruptcy, you are left with drained or emptied out retirement accounts. This is a classic bankruptcy "don't." Get professional legal assistance before tapping into any of these savings. The Roll Law Office, PLLC, can help explain these do's and don'ts of bankruptcy to you, so that you are fully informed while taking your first step toward financial freedom. We will help you to hopefully avoid bankruptcy altogether or come out of bankruptcy in a better position than before.
Knowledgeable Arizona Bankruptcy Law Firm
At The Roll Law Office, PLLC, we are committed to helping Phoenix-area individuals and families achieve a fresh start through Chapter 7 or Chapter 13 bankruptcy. For skilled bankruptcy representation from an experienced Tempe bankruptcy lawyer, please contact us. We offer free initial consultations and will answer all your questions about bankruptcy and how it can help your particular financial situation.
Bankruptcy Do's
- Do continue making payments on any vehicles. This is because creditors can generally repossess vehicles without warning if you default on payments.
- Do reduce income tax refunds. Both state and federal tax refunds can affect Chapter 13 payment plans and are often taken in Chapter 7 bankruptcy filings.
- Do inform your attorney fully of all income and assets including any business entities such as small businesses, sole proprietorships, partnerships and corporations.
- Do keep updating your attorney if anything changes in your income, particularly in Chapter 13 cases.
- Do keep an open mind regarding bankruptcy alternatives. Remember, the end-goal is the same no matter what: a better financial future.
Bankruptcy Don'ts
- Don't transfer property to a third-party in order to avoid it being taken by creditors. This is considered fraud and your bankruptcy discharge can be denied.
- Don't keep things from your attorney just because you think it will help your financial situation. Full disclosure is very important. If your attorney does not have all the information he or she needs then your attorney can't do the best job possible for you.
- Don't speak to creditors directly. Any communication should be done through your attorney.
- Don't max out all your credit cards right before bankruptcy. This can be viewed as fraud and your bankruptcy filing can be denied.
- Don't file for bankruptcy if you are about to receive an inheritance or tax refund. Timing issues must be considered. Speak to your attorney about this.
Want More Tips? Contact a Tempe Chapter 7 Bankruptcy Lawyer
For more information regarding bankruptcy do's and don'ts, contact us today. Schedule a free consultation with a compassionate and highly skilled bankruptcy attorney.
We are a debt relief agency. Our lawyers help people file for bankruptcy relief under the Bankruptcy Code.
