Things To Do and Not to Do When Contemplating Bankruptcy

It is very important to do and not to do certain things when preparing to file bankruptcy. Your Dayton bankruptcy attorney can give you a comprehensive list of do’s and don’ts similar to the one below. If you wonder if something is appropriate to do before bankruptcy – CONSULT YOUR ATTORNEY BEFORE DOING IT!

Things Not to Do When Contemplating Bankruptcy

1) Don’t pay off or pay down any debts without consulting your Dayton bankruptcy attorney. 2) Don’t buy, sell, give away or transfer any property. 3) Don’t fall for companies or individuals promising debt consolidation without extensively researching their legitimacy. There are many fraudulent, criminal enterprises out there that will take your money and never pay down your debt. 4) Don’t borrow or cash out your retirement without first talking to your Dayton bankruptcy attorney. In Ohio, most retirement/pension accounts are 100% exempt (meaning they are completely protected) in bankruptcy. This means that a person may file bankruptcy, emerge after a successful discharge without any unsecured debt but with their full retirement account(s) intact. 5) Don’t take out new loans or create new debts prior to filing bankruptcy. 6) Don’t wait until the last minute to talk to your Dayton bankruptcy attorney about bankruptcy. Having time to plan and properly prepare a bankruptcy is the best case scenario.

Things To Do When Preparing to File Bankruptcy

1) Do tell your Dayton bankruptcy attorney about ALL of your debts and creditors. Often clients think that leaving out one credit card to use after bankruptcy for emergencies will be ok, but this can often lead to problems. Tell your Dayton bankruptcy attorney about absolutely every creditor and together you can decide what is the best course of action in your situation. 2) Do keep in contact with your Dayton bankruptcy attorney. Bankruptcy is a process which can take 4 – 6 months. It is important that your Dayton bankruptcy attorney can reach you when needed. If you change your phone number or address, be sure to inform your attorney. 3) Do tell your Dayton bankruptcy attorney your complete story (including but not limited to all your assets and, as discussed above, all of your debts) in order to help you make the best legal decisions for your particular situation. 4) Do consult with your Dayton bankruptcy attorney to learn whether bankruptcy is a good option for you.

For more information about bankruptcy, and/or to schedule a free consultation please contact your Dayton divorce law firm at Helen Wallace, Attorney at Law today by clicking on the preceding link, by e-mail to hw@helenwallacelaw.com or by telephone to (937) 654-6800.

The contents contained in Helen Wallace, Attorney at Law’s Blog and Web Page(s) are for educational and informational purposes only, and shall not be construed as legal or tax advice. The reading of Helen Wallace, Attorney at Law’s Blog or Webpage does not create an attorney/client relationship with Helen Wallace, Attorney at Law. Please consult an Attorney in your jurisdiction (where you live or where the legal action arose) if you are seeking legal advice or representation. Please further be advised that Helen Wallace, Attorney at Law is a debt relief agency and helps people file for bankruptcy relief under the United States Bankruptcy Code.

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