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Bankruptcy Law

3 Things to Avoid Prior to Bankruptcy

Bankruptcy Law
If you are thinking about filing Chapter 7 or Chapter 13 bankruptcy, there are a few things you should try not to do before you file:

  1. Do not transfer property to anyone. This includes anything valuable, such as a house, car, boat, bank account, etc.  If you try to, the Court WILL find out.  You are clearly asked in your petition whether you have transferred property to anyone in the past 2 years. The Bankruptcy Trustee will also ask the same under oath at your hearing.  Make sure to speak to Jacoby & Jacoby during your initial consultation about protecting your property in a bankruptcy case.  
  2. Do not ignore your creditors or lawsuits against you. Many people file bankruptcy due to lawsuits from creditors. Until your case is actually filed, any lawsuits against you continue to proceed.  The same advice applies to vehicle repossession efforts and utility shut-offs.  Stay in contact with your creditors and let them know you will be filing for bankruptcy.
  3. Do not use credit cards or take out loans. If you are considering Bankruptcy, don't max out your credit cards thinking you are home-free. Rules prevent individuals from taking cash advances or purchasing luxury items on credit in the 90-day period prior to filing bankruptcy. Creditors can challenge you in Court if they believe that you have acted in bad faith in using excessive credit.

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