Common Mistakes to Avoid When Filing for Bankruptcy in Boca Raton
Experienced Representation from our Boca Raton Bankruptcy Attorney
If you have found yourself faced with unmanageable debt due to a recent divorce, following the loss of a job, by overextending your credit or for any other reason, you may be in the position of considering filing for bankruptcy. Bankruptcy is a legal process which hundreds of thousands of individuals avail themselves of every year. Both
Chapter 7 and
Chapter 13 bankruptcy offer a much needed source of relief from financial stress. Over the years our firm has helped thousands of individuals file for bankruptcy and get a fresh financial start. We have a comprehensive understanding of bankruptcy laws and we have the knowledge and experience to help you obtain the relief from crushing debt that is your right to seek through bankruptcy protection.
Mistakes to Avoid If You Are Considering Filing for Bankruptcy
Based on our years of experience practicing bankruptcy law, there are certain common mistakes we advise you to avoid, as you could compromise your eligibility for bankruptcy protection. Making any of these mistakes could lead to your bankruptcy petition being denied, leaving you with fewer options to resolve your financial problems. First, do not run up or max out your credit cards. Debt over $500 incurred within 90 days prior to filing for bankruptcy may be deemed non-dischargeable by the court. You may also have to repay any cash advances made within 70 days of filing if they are in excess of $750. Repaying family members in an effort to exclude them from your bankruptcy proceedings may be viewed as preferential treatment. Any such funds could be reclaimed by the trustee assigned to your case.
Do not cash out retirement accounts or attempt to reduce your home's existing equity. Each of these are exempt when filing for bankruptcy. Transferring property out of your name could lead to legal action if it is believed you were involved in any fraudulent activities. Not only will it appear that you are attempting to hide assets, but bankruptcy laws allow your court-appointed trustee to reverse any such transfer made within the 2 years prior to you filing. Getting a second job or working overtime in an effort to keep up with your existing expenses may seem like a good idea, however additional income could put you above the median income required to qualify for bankruptcy. Selling off assets to pay off your debt is not advisable. In most cases your assets will qualify for exemption. If any of your creditors have filed a lawsuit against you, do not ignore the lawsuits. Contact our firm so that we can provide you with the assistance you need to avoid further legal difficulties. Most important of all is you must be honest about every detail of your situation with your lawyer. Disclosing all of your financial issues, regardless of how embarrassing or humiliating they may seem, is absolutely crucial.
There is very little we haven't seen in our 25 years of experience with bankruptcy. You do not need to worry that we will judge you. We are on your side, and we are committed to treating you with the understanding and respect you deserve. Our sole purpose is to provide you with the compassionate, aggressive representation necessary to help you get on the road to financial freedom. To find out more about what we can do for you, call our firm and schedule to meet with a Boca Raton bankruptcy lawyer at today.