Some consumers are so happy to be eligible to file bankruptcy, or get confused during the process, that key mistakes are made. These can cost you time and money. This guide saves you time, money, and stops any major legal hangups from occurring.
1-Buying Everything
Why did you have to file bankruptcy? What caused the problem? How can you best get out? If your problem was high medical debt, it may be out of your hands. If you charged up credit cards, you may have a spending problem. In either case, whether the debt is your fault or not, many believe bankruptcy gives them a free bill to spend more money. Actually, some spend money before they even file bankruptcy, thinking these debts will be discharged. If you are within 90 days of filing, all debts must be paid. This is so people don't get numerous free items. It's pretty obvious, but many make the mistake.
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2-Protecting Property
In some cases, you may fear losing your home or car. Many will use this fear as a reason to transfer assets to other peoples' name. This is also a mistake, and if you try to hide assets from the judge and your trustee, they may just reverse that. In most cases, you lose absolutely nothing in both Chapter 7 and Chapter 13 bankruptcy, so there's no need to do this.
3-How You Pay Debts
In some cases, debtors choose who to pay back; you might prefer paying back the debt you owe your father before paying the credit companies. In these cases, there are laws in place. You cannot pay any creditor instead of the other. It's all supposed to be even; you can't pick and choose what debts to pay. If you pay back money to a friend or loved one, again the trustee can reverse this.
4-Foreclosure
A common mistake made in filing Chapter 7 bankruptcy is thinking this will stop a foreclosure. Also, since Chapter 13 is a way to stop a foreclosure, some think all their problems are solved upon filing. However, once a foreclosure is begun, neither Chapter 7 nor Chapter 13 can stop it. Yes, you can delay it with Chapter 7, and stop it before it begins with Chapter 13, but once the foreclosure papers have been filed, you cannot stop it.
5-Hiring a Lawyer and Telling Them Everything
You clearly need legal representation in any form of bankruptcy. While hiring the right attorney can be tough, you have many options. Most charge nominal fees, but it varies depending on experience. You want someone who can handle your case directly, advise you on laws, and help you successfully discharge debt or pay in manageable installments. In order to do that, your attorney must know everything. Never lie or leave out facts with your bankruptcy attorney. You need to be completely open about your debts and assets. This will make their job much easier.
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