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Bankruptcy Content

Avoid Pre-filing Mistakes in Bankruptcy

Hire a St. Petersburg Bankruptcy Lawyer

Searching for a lawyer to help you avoid pre-filing bankruptcy mistakes in St. Petersburg? If you are in financial chaos in St. Petersburg, Tampa, Clearwater, or anywhere in Pinellas County, filing for bankruptcy may be your best option for handling crushing debt and getting in control of your situation. You should seek the competent legal advice of Attorney Hancock at the firm, who can review your situation and help you make an informed decision about what to do. If you are contemplating filing for bankruptcy, you should be aware of the mistakes to avoid prior to filing. What you do in regards to your financial situation before filing for bankruptcy can have a major impact on your bankruptcy case.

Here are a few major mistakes that you will need to avoid:

  • You should not use your credit cards once you've decided to file for bankruptcy, most especially for large cash advances or luxury goods.
  • Cash advances of more than $750 or charges for luxury goods or services of more $500 within a certain number of days prior to your filing will not be dischargeable through bankruptcy court, meaning you will still have to pay those bills.
  • You cannot repay family members or friends whom you owe money in preference over other creditors. The bankruptcy trustee may have to recover this money and divide it up amongst creditors in your bankruptcy case.
  • It is a mistake to liquidate your retirement account to pay off debts. Retirement accounts, such as 401ks and IRAs are usually protected in a bankruptcy. Draining these accounts will leave you with no retirement funds and may make you liable for penalties and taxes which you will have to pay.
  • Trying to pay off your debts by taking out additional loans against your home may put your home in jeopardy if you cannot make additional mortgage payments.
  • Don't transfer property out of your name prior to your bankruptcy filing which may be seen as an attempt to defraud creditors. Committing fraud, for which you could be criminally prosecuted, is not a smart way to handle financial insolvency.

Making Informed Decisions

Be up front with your St. Petersburg bankruptcy attorney about your situation. Looking for an attorney to help you avoid pre-filing bankruptcy mistakes in St. Petersburg? Trying to hide something from your attorney will only result in further trouble, such as the denial of your bankruptcy case, loss of assets, penalties, fines, and even imprisonment. Call our office for help today at (727) 475-4518 or fill out a free online bankruptcy evaluation.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.