1.) Don’t lie about assets. Anything in your name needs to be listed with your assets. What’s an asset? Anything you could sell or own according to the law.
2.) Don’t leave out creditors or debts. If you leave out a debt then they can come after you for the money. All creditors must know you have filed, so review all of your debt.
3.) Don’t leave out income. If you don’t disclose all the income for your household then you may not qualify for chapter 7 or if you file chapter 13 your payment could go up. If a chapter 7 or 13 is dismissed then you will have a bankruptcy on your credit and have nothing to show for it but a lot of debt.
4.) Don’t give money to anyone or pay back anyone. If you owe Dad $3,000.00 and you pay it back and then file bankruptcy, your dad could get sued for preference. You can’t pick and choose who you want to pay right before filing bankruptcy.
5.) Don’t incur debt right before filing. If you increase spending on your credit cards or buy a car don’t expect bankruptcy to take care of that. The bankruptcy court will have issue with that. Do not do it.
If you have questions about bankruptcy call the Law Office of Brian R Lewis at 508-946-3323 or visit us online at www.erasedebts.com .