A person in desperate financial circumstances will take desperate actions to stave off bankruptcy. They will often seek advice from people they know about what to do. Typically, this advice is wrong and/or half-right. You should seek the advice of a bankruptcy attorney before you take any action with your property and money. The advice you receive may save you money, reduce stress, and eliminate unnecessary court proceedings. You and your attorney can create a plan of what to do and when to do it. Before seeing a bankruptcy attorney, you should not do the following:

1. Close all your bank accounts and convert all your deposits into cash.

2. Transfer your property, such as a car or boat, into another person’s name.

3. Transfer your home or real estate into another person’s name.

4. Pay off a debt owed to relatives, friends, or business partners.

5. Give your property away to someone or a business.

6. Hide any property. (The bankruptcy trustee assigned to your case will find the property and there will be serious consequences)

7. Withdraw or cash-in retirement savings, 401(k) plan, 403(b) plan, or IRA.

8.Take out a second mortgage on your property to pay down debt or other expenses.

9. Grant a lien against your property.

10. Incur new debts before filing. (Ex: Do not max out your credit cards with the intent of filing bankruptcy and then see your attorney).

Though I said I would only give you 10 things, I changed my mind. Here are 3 more that will benefit you greatly.

11. Withhold any debts from your attorney. You cannot save a debt from the bankruptcy. All debts must be included.

12. Hide anything about your income, expenses, and finances. Your attorney should know everything about your finances. This will eliminate any surprises or unnecessary circumstances in your case.

13. Hide any information about a personal injury claim, pending lawsuit, inheritance, or life insurance proceeds from your attorney.

Bankruptcy works best when you disclose everything to your attorney, creditors, trustee, and Court. Non-disclosure, gamesmanship, and lack of candor create litigation, stress, and serious legal consequences. You are always better off disclosing information.

To see if you qualify for this relief and discuss your options, you may contact me simply by clicking on the link below.

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