Here at Meyer Law, we have helped hundreds of people navigate through the long and complicated road to debt relief and financial recovery. Along the way, we have seen how the process can cause a considerable amount of stress. However, we have developed this list of DO's and DON'Ts to hopefully help you minimize any stress on your specific path to financial success.
- DO find a trustworthy, experienced attorney to guide you through this complex process. Attorney Haines Meyer has the education, experience, and proficiency to work for you and accomplish your financial needs. Please call or contact us online today to schedule a free consultation.
- DO act in good faith with any and all creditors and with the law. Avoid any financial decisions that may make creditors or the court suspect you are filing in bad faith.
- DO take the bankruptcy process seriously. Spend the time and energy needed to gather all of your financial information (e.g., checking/savings account information, credit card debts, medical bills) in an accurate and thorough manner.
- DO attend bankruptcy counseling sessions as soon as possible. Be educated in your rights and options when filing for bankruptcy.
- DO continue making regular payments for your home, vehicle(s), or other items that you intend to keep. You will continue with these payments after filing for bankruptcy, as well.
- DON'T run up your credit card debt once you've decided to file for bankruptcy. The court may decide that you are trying to exploit the bankruptcy system, and the judge may review your case more harshly.
- DON'T buy any "luxury" items immediately before filing for bankruptcy. Any extravagant items purchased in a specific timeframe prior to filing for bankruptcy are considered non-dischargeable debt, and you will be required to pay for it.
- DON'T sell any of your property for less than what it is worth. This will not reduce the amount that is owed; and, in fact, you or the person to whom you sold the property may end up having to pay the difference of what is still owed.
- DON'T borrow or withdraw from your 401(K), IRA, or ERISA retirement plans to pay debts. This money may not be protected by your bankruptcy filing, and you may be liable for the penalties and taxes.
- DON'T show favor to your friends and relatives by paying them rather than other creditors.
- DON'T put something you own into another person's name, as an attempt to save it from being taken. You could be accused of fraud, and/or the bankruptcy trustee or creditors could sue the other person to get the money back.