Certain individuals may find bankruptcy to be the most viable and optimal solution; however, the decision should not be considered lightly. There are frequent errors individuals can make that may hinder or discourage them from filing. If you are contemplating bankruptcy, there are certain errors you should avoid to increase your chances of filing successfully.
One of the biggest errors consumers make is maxing out all of their credit cards just prior to filing for bankruptcy. Some individuals believe that since they are filing for bankruptcy, they may as well max out their credit cards; however, this line of reasoning will get you into trouble! Certain debts incurred within ninety days prior to filing for bankruptcy are not dischargeable, meaning you may be required to pay those fees regardless.
Additionally, you should not transfer property out of your name prior to filing. In order to save their property, some people transfer the title of their residence to friends or family members prior to filing for bankruptcy. However, a trustee may be able to undo such a transfer if it was intended to conceal your assets or properties from your creditors. In many instances, it is wholly unnecessary because legal exemptions may protect you from foreclosure.
Do not conceal assets from your lawyer. Your legal counsel will be unable to provide you with accurate advice if you conceal information. If it is subsequently revealed that you have concealed valuable assets or information, you may expose yourself to unacceptable risks. You could lose your property, have your case thrown out, or even face criminal charges.
Do not use your 401(k) to pay off credit card obligations. Creditors can be very annoying and persistent. Regarding legal advice regarding your financial situation, settling the debt of unpaid credit cards is low on the priority list for insolvent individuals. Because credit card debt is unsecured, the creditor cannot seize your property or residence. Unless they obtain a wage garnishment judgment against you, they cannot affect you. It is not advisable to use your 401(k) to pay off unsecured debt. These retirement accounts are almost always sacrosanct in a bankruptcy, so no one, not even the trustee, will have access to this money.
If you are contemplating bankruptcy, the greatest thing you can do is educate yourself. A highly knowledgeable attorney can explain financial laws and assist you in evaluating your situation. There may be multiple viable solutions to your problem, and the sooner you learn about them, the sooner you can regain control of your life. Contact an experienced San Antonio bankruptcy attorney immediately!""
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