If you are in financial trouble and are considering filing for bankruptcy, there are certain actions you should avoid. Here are a few things that you should NOT do when filing for bankruptcy: raiding your retirement accounts, paying back friends or family, incurring any new debt, transferring property or assets, or purchasing any luxury items. Doing any of these actions can make Burrow & Associates’ goal of protecting as many of your assets as possible while eliminating your debt more difficult.
If you’ve already done some of these things to avoid, let your bankruptcy attorney know ASAP – if you try to fix or undue your financial actions, it could actually make the situation worse.
Even if you’re planning on filing bankruptcy in the future, it is a good idea to speak to an attorney so that you don’t unintentionally derail your debt relief plans. It’s important to understand what not to do when filing for bankruptcy, and why. Asking some questions at the outset and creating a plan to get your bankruptcy filed will often allow your case you go much more smoothly.
At Burrow & Associates, we can walk you through your options so that you can make the best decision for you and your family. If you have any questions about what not to do when filing for bankruptcy, please reach out to schedule a free consultation.