There are a number of things that you should not do when you are seeking to file for bankruptcy. It can be tempting to do any number of the following, however it is highly recommended that you do not. When filing for bankruptcy, there are a number of rules that come into play, and you may get caught in a situation that is exactly the same as before you filed.
Those seeking to file bankruptcy should avoid:
- Purchasing Luxury Goods – Purchasing luxury goods that equal more than $500 are non-dischargeable if purchased within 90 days of filing.
- Taking Cash Advances – Taking a cash advance within 70 days of filing is non-dischargeable if the amount is greater than $825.
- Hiding valuables – If you get caught hiding your valuables, they will most definitely be seized. Those who file for bankruptcy usually have the ability to keep the assets they wish to hold on to, but only if they are disclosed up front.
These are just a few things to avoid when looking to file for bankruptcy. If you are looking to file for bankruptcy, please contact us today.
There are a number of reasons as to why an individual may be seeking to file bankruptcy. These can include anything from a debilitating illness to the loss of one’s job. No matter the reason you are seeking to file, you need to speak with a trained bankruptcy counselor before beginning the process.
It can be embarrassing if one is not familiar with the ins and outs of bankruptcy, however it is a completely normal process that many Americans go through each day. This is not a process that anyone should be embarrassed about going though, as it is a necessary function of society. Bankruptcy simply means that you have gotten in a bit over your head, and you are no longer able to maintain the lifestyle you are accustomed to.
The following are some of the best reasons why one can file bankruptcy:
- Rid yourself of debt – Chapter 7 bankruptcy will effectively clear out your debt, minus a few bills that may be exempt. However, there are other stipulations with Chapter 7, such as the potential of having to hand over your home, vehicle, or other valuables.
- Stop pay garnishments – If your pay is being garnished by credit card companies, bankruptcy will immediately stop all garnishments.
- Wipe out Medical Bills – Bankruptcy, with a few exceptions, will wipe out medical debt. There are always exceptions to the rule, so each case must be evaluated on a case by case basis.
These are just a few of the reasons that individuals file bankruptcy. If you are considering filing for bankruptcy and would like to learn more, please contact us today.
Those who are seeking to file bankruptcy all ask themselves if this is their only option left. It is important to know the repercussions of bankruptcy, however there are many times where it truly is the only option left that will feasibly allow an individual to rid themselves of debt and get back on track leading a normal life. When seeking to file bankruptcy, it is always best to enlist the services of a qualified bankruptcy attorney, as it will make the process go much more smoothly for you.
In many ways, filing bankruptcy is a means to start a new financial life. There are multiple paths that you can take towards personal bankruptcy. These are Chapter 7 and Chapter 13 bankruptcy, and they both have a different set of stipulations attached to them. This is why having a qualified attorney is best in these situations, as they can guide you through each option and help you decide which would be best for your individual case.
There are other types of bankruptcy as well, and one of those may fit in with your particular situation. Don’t attempt this difficult and stressful process on your own! With the help of a skilled bankruptcy attorney you will be back on the path of a normal, debt-free life again in no time.
There are many steps you must take to prepare yourself for filing bankruptcy in the state of Washington. Bankruptcy can be a difficult process to go through alone, so your first step should always be to secure the aid of a skilled and proven bankruptcy attorney.
When filing for Bankruptcy, make sure you:
- Limit purchases as much as possible beginning 90 days prior to filing
- Stop all use of credit cards
- Collect all tax data from the last year you filed
- Get copies made of all pay stubs for the last six months
- Ensure there are no unknown liens on your home
- Continue payments on the items you wish to keep after bankruptcy, including your home and vehicle
These are just a few steps to get you prepared for filing bankruptcy. If you would like to learn more, or would like to inquire about our bankruptcy services, please contact us.