Straight Bankruptcy Case Do’s and Don’ts
Do you plan on filing for bankruptcy to help get rid of massive amounts of debt? If so, there are things that can be done to help your case. When filing for bankruptcy, you have to submit a petition to the corresponding court to request your debt to be consolidated so that you can follow a plan to get it removed from your credit history. There are different categories of bankruptcy and they should be discussed with Mobile Alabama bankruptcy lawyers to determine the best choice for you. If you choose Chapter 7, or “straight” bankruptcy, there are things you should and shouldn’t do while your application is pending.
The Do’s and Don’ts of Straight Bankruptcy
At the Loris Law Firm, we suggest that you are mindful of your financial actions once you have submitted a bankruptcy petition. The following is a list of things that you can do to help your case in this matter:
-Be honest. The fastest way to decrease your chances of having your petition approved is to lie. Be sure to disclose all pertinent information and to list all assets when applying.
-Keep sound financial records. You should track all spending, expenses, and any other matter related to money. This will help if you need to provide further documents to go along with your petition.
-Make important payments. Though you have many things to pay, the essentials should be handled first.
-Hide assets. As you work with Mobile Alabama bankruptcy lawyers, inform them of all forms of wealth you have.
-Gain more debt. Doing so can weaken your case and make it appear that you are carelessly spending.
-Pay too much on a debt. If you pay a large amount on a debt, it can change it to a preference and not qualify to be included in the bankruptcy petition.
Contact the Loris Law Firm to learn more about how filing bankruptcy can impact you.