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Bankruptcy Content

DO's & DON'Ts of Bankruptcy

Learn from a Professional St. Petersburg Bankruptcy Lawyer

If you are facing a financial crisis in which you can see no way out in St. Petersburg, Tampa, Clearwater, or Pinellas County, you are not alone. In today's tough economic times, many Americans are in financial trouble, unable to pay their bills, and looking for legal solutions. If this describes your situation, it is strongly urged that you consult with Attorney Hancock at the firm to find out what the best options are for you in handling your financial distress and making a fresh start. Attorney Dion Hancock has helped innumerable clients throughout the area with debt relief solutions designed to meet individual needs and objectives.

Many steps, involving do's and don'ts, exist which can help to reduce the stress of your situation and pave the way for debt relief solutions.

First among these is to face the facts of your situation;

Don'ts

  • Don't use your credit cards or try to obtain new credit 90 days before filing for bankruptcy. This could cause a delay in your bankruptcy case.
  • Don't pay out money to friends or family members if you are planning to file for bankruptcy. This could drag your loved ones into your bankruptcy case as well.
  • Don't exclude any assets from your bankruptcy petition. Failing to list all assets and debts could result badly.
  • Don't cash out any of your savings or retirements accounts before or during your bankruptcy case. This includes an IRA, 401k and all retirement accounts.
  • Don't gamble or borrow money from others.
  • Don't try hiding your money by transferring it to other people's accounts. Don't pretend it isn't there or that it will go away by itself. Overwhelming debt must be confronted and handled before it gets worse and even more expensive, with further interest and fees piled on top of what you already owe, wage garnishment, judgments, liens, or foreclosures.

Do's

  • Do commit yourself to a budget and, if there is no way to budget in expenses such as credit card debt, medical or dental bills, and other unsecured debt, consider filing for bankruptcy.
  • Do save all important documents that have to do with your finances, like your tax returns, W-2s and recent paychecks.
  • Do continue making regular payments on all your loans that you would like to keep as collateral, such as your mortgage or car payment.
  • Do stop making payments on any other type of debt that you don't plan on keeping.
  • Do inform your attorney of all pertinent information regarding your bankruptcy. Be sure to tell them if you are being sued or if your wages are being garnished.
  • Do inform your lawyer if you plan on receiving an inheritance in the near future or if you owe money for a court order like child support or spousal support.
  • Do be completely open and honest with your bankruptcy attorney for the sake of your case!

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If you have vehicles which you intend to keep, do continue to make payments on them to avoid repossession. If you are financially insolvent, don't take money out of your retirement fund, such as 401k or IRA to pay your bills. Doing so could make you liable for penalties or taxes which you may not be able to discharge in a bankruptcy. Also, don't borrow money against your home to pay unsecured debt, which can be discharged through a bankruptcy. And don't transfer property out of your name to hide assets from creditors or a bankruptcy trustee. That may land you with a criminal charge of fraud.

For further assistance with your financial crisis, it is in your best interests to get the professional advice of the legal team at the firm who can guide you through debt relief solutions based on your particular situation. Contact our St. Petersburg office if you need debt relief solutions to financial insolvency today.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.