Last year I had some financial difficulties and I couldn't pay off my debt. The uncertainty of my financial future was adding to my already stressful life. After months of worry, I finally decided to contact a bankruptcy attorney. After discussing my options with the attorney, I decided to file bankruptcy. My name is Kyle Diggler and if you're struggling with debt and considering bankruptcy, I'm here to help you. I'm not an expert, but I want to share my story and my experience of filing bankruptcy with others who are in a similar situation. As you read my blog, you'll learn all about the bankruptcy process so that you'll know what to expect. I'll also share some tips to help you start your life over financially. I hope that my blog answers all the questions you have about filing bankruptcy.
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Bankruptcy is a complicated process, yet it offers a lot of relief to people who need it. If this is something you are considering using in the near future, there are several important things you will need to avoid doing before you file including some of the main things you should avoid doing if you want to use bankruptcy for debt-relief purposes.
Racking up a lot of new debt on credit cards
If you know you want to file for bankruptcy and begin preparing for it, you should avoid racking up any new debt on your credit cards. In fact, you should stop using them at all, if possible. If you have to use them, make sure you use them only for necessities, such as gas for your car. Bankruptcy trustees carefully review a person's credit card statements when a person files for bankruptcy. If it appears that a person was racking up new debt simply through buying luxury things, the trustee could throw the case out and charge the person with bankruptcy fraud.
Withdrawing all the money you have in your saving's account
The trustee handling your case will also look closely at all the bank accounts you have, including retirement accounts, savings accounts, and checking accounts. The purpose of this is to see if a person had money recently but withdrew it all. If you file for Chapter 7, you will receive a discharge of your debt in exchange for assets you own, and money in the bank is an asset. You cannot simply take out all the money you have and hide it somewhere to avoid surrendering this money to the trustee. This, too, is considered fraud and could land you with criminal charges.
Giving away things you own
The other thing you should avoid doing is giving away things you own. The trustee will also look at this aspect of your life to make sure you did not give away your assets before filing. If the trustee finds anything that you gave away, he or she could view this as a fraud. People will often try to get rid of their assets before they file simply so that the trustee cannot take them away, but this is not something you should do.
These three things are very important to avoid before filing for bankruptcy, but there are other things you should also avoid. The best way to understand what you should do and what you should avoid doing is by talking to a bankruptcy attorney.
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