Monday, July 6, 2015

Bankruptcy Preparation Mistakes

So, you have decided you need to file bankruptcy.  Now what?  How should I plan for the bankruptcy?  What should I do?

Rule Number 1:  The Bankruptcy Code is NOT necessarily logical.  Congress passed it, and Congress does not have to be logical.

Rule Number 2:  If you think you are doing things to help yourself regarding the filing of a bankruptcy, you are probably hurting yourself.

Rule Number 3:  Remember Rules 1 and 2.

Don't make the following mistakes:

1.    The Credit Card Run-Up Mistake
2.    The Repay a Family Member or Friend Mistake
3.    The Liquidate Your Retirement Account Mistake
4.    The Home Equity Line of Credit/Second Mortgage to Pay Debt Mistake
5.    The Pay Off/Down Your Car Loan Mistake
5.    The Transfer Property Out of Your Name Mistake
6.    The Failure to Appear at a Court Hearing Mistake
7.    The Failure to Tell Your Attorney The Truth, The Whole Truth, and Nothing But The Truth Mistake
8.    The Student Loan Mistake

Volumes can be written on the forgoing.  If you are planning to file bankruptcy, make sure to consult with a competent bankruptcy attorney in your area, so you can properly plan for the bankruptcy.

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