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Dates to Consider Prior to Filing for Bankruptcy

Dates to Consider Prior to Filing for Bankruptcy
"""Filing bankruptcy is difficult enough for the majority of debtors. On top of that, the last thing you want to do is make a filing error that causes even more heartache, particularly if it is one that can be easily avoided. After deciding to submit a lawsuit, you must then make a second, equally important decision: when to file the lawsuit.

Even if you have committed some of the prohibited actions before filing your case, they can often be rectified by selecting the correct filing date.

In general, the debtor should avoid declaring bankruptcy if he or she has:

* Charged on a credit card or received a cash advance within the previous ninety days

* Paid off an unsecured debt exceeding $600 in the preceding three months

* Paid off a family member's debt within the past year

* Presented someone with a substantial gift within the past year

* Transferred an asset for less than its equivalent value within the past two years (or longer if your state's anti-fraud statute reaches back further).

* Recently acquired a vehicle

Depending on the particulars of the case, the debtor may also desire to avoid filing in certain other situations. The debtor might not want to file in the following instances:

* In the process of inheriting a fortune.

* Anticipating a tax refund

* Received a sizeable compensation in the previous six months, which inflates the debtor's income on the """"means test"""".

† Currently negotiating a mortgage modification

In spite of the fact that filing after having done some of these things may not affect the debtor's case, it is essential to alert your attorney to these issues prior to filing. Even though it may not be possible to avoid filing before the deadline on one of these issues (for instance, you may need to file to stop a foreclosure despite knowing that doing so could result in a debt repayment to a relative being revoked), it is essential to discuss the facts with your attorney so that you are aware of all your options.

Frequently, the debtor will believe he or she """"needs to submit"""" long before it is actually required. In such cases, delaying filing can frequently result in a simpler bankruptcy case for the debtor.""

" - https://www.affordablecebu.com/

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"Dates to Consider Prior to Filing for Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 179 times and generated 1 comments. The article was created on and updated on 02 June 2023.
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