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Under the new Bankruptcy Law, anyone who has earned more than the median income for that person’s state over the six months prior to filing for Bankruptcy will be required to take a “Means Test” to determine if they can file a Chapter 7 Bankruptcy.
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Possibiity of eliminating second mortages offers hope for some who find themselves “underwater” on their mortgages and considering Bankruptcy.
Thirty-Three DON’Ts in preparing to file a Chapter 7 Bankruptcy
1. Don’t leave out Bank, Checking, Savings, Brokerage, Credit Union accounts.
2. Don’t use your credit cards.
3. Don’t take Credit Card Cash Advances.
4. Don’t use convenience checks.
5. Don’t do balance transfers.
6. Don’t pay money to Family.
7. Don’t pay money to Friends.
8. Don’t tell a creditor that you intend to pay.
9. Don’t leave assets off of your paperwork.
10. Don’t file if you are about to receive a tax return or inheritance. Discuss the timing with your attorney.
11. Don’t fail to tell your attorney about your small business, sole proprietorship, partnership, LLC, LLP, LC, corporation, or hobby.
12. Don’t purchase a home shortly before filing bankruptcy without consulting your attorney.
13. Don’t give or gift property to anyone.
14. Don’t pay more than $600 on any past due bill.
15. Don’t transfer property to anyone.
16. Don’t cash out retirement plans or 401k’s.
17. Don’t take out a second mortgage.
18. Don’t gamble.
19. Don’t hide assets or debts.
20. Don’t take out “payday loans”.
21. Don’t put your money in your kids’ bank accounts.
22. Don’t omit or ‘save’ a credit card for after your bankruptcy.
23. Don’t fail to list debt to family or other “insiders.”
24. Don't write bad checks.
25. Don’t borrow money.
26. Don’t forget to tell your attorney about liens you may have on your home or unpaid judgments so they can be avoided.
27. Don’t make major financial decisions without talking to your attorney.
28. Don't get married before filing if your spouse has a high income.
29. Don’t misrepresent facts to your attorney.
30. Don’t run up your credit cards in advance of filing bankruptcy.
31. Don’t fail to appear at State court hearings, trial or proceedings; coordinate with your attorney.
32. Don’t hide from your attorney. Keep them up-to date with your address, phone number and email address.
33. Don't bank where you owe money. Close the account and reestablish it somewhere else. Social Security debtors who do this have a lag time of a few months because it sometimes takes that long for SS to get it done. If you are are pressed to file then clear out the account as soon as the deposit hits the bank. This also happens with payday loans. Many of those people have the Debtors sign a form to withdraw money from the account on a regular basis and these are almost impossible to stop.
The information contained in this website is not to be considered legal advice and the purpose of this website is not to provide legal advice. Russell Adams does not intend to create an attorney-client relationship by this website. If the reader has a legal problem, he/she should consult with an attorney. Any information contained in an e-mail sent to Russell Adams shall not be considered privileged or confidential. E-mail is not a secure means of communication and should not be considered such.
Because we provide bankruptcy services to consumers, among others, we have been designated a Debt Relief Agency pursuant to federal law. We help people file for bankruptcy protection and relief under the United States Bankruptcy Code.
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