It is easy to understand how complicated the procedure could be to file for the bankruptcy and you can list multiple things and many possible scenarios which could go wrong while you are trying to file for it. So there are many things which need to be looked upon and considered before you come upon the decision to file for bankruptcy, we list upon few of them to make you understand what should definitely be avoided.
Things you should avoid before filing for bankruptcy
Never try to hide your assets, income or debts- people do this king of terrible mistakes many times. The tend to feel that hiding these assets or income from their Bankruptcy Attorney, showing them on name of their family members is a grave mistake and should definitely be avoided. People who end up lying about their assets might face serious criminal charges because it is absolutely illegal to do so. People also end up paying higher penalties and had to spend double the amount they were trying to save. One should definitely refrain from indulging in such activities.
Don’t incur additional unsecured debt you are not willing to repay
People who have made up their mind to file for the bankruptcy and their debts are about to deplete, they usually give a thought to max out their credit cards as well. This is never advised.
Don’t touch your retirement funds
Never touch your retirement account trying to drain it before filing for bankruptcy because your retirement account is generally exempted from any creditors claim.
What happens if you make a mistake?
When you are into these kind of long and tedious process such as bankruptcy filing there are always chances of mistakes. It depends on how grave the mistake is. There are minor mistakes which have little to no impact. Maybe at times you might have to face some sort of inconvenience because of those little mistakes. But serious mistake can often land you in trouble. If in case you have lied to or have done some injustice while filing your documents you might have to suffer and pay huge penalties and in some particular case might have to serve prison time as well.
Need help filing for bankruptcy; contact our experienced bankruptcy attorney today
Filing bankruptcy is often tedious and difficult process, so we at Galewski Law Group rather offer you a smooth and clear process for doing it. We try to minimize your concerns through solving one on one solution to the problem and keep track of every impending issue to resolve in best possible way. We have dealt thousands of cases successfully and have years of experience, which is the reason we are confident to provide the best solution to our customers.
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