If you're in trouble financially and would like to find a viable way to get yourself out of the situation, you may think of filing for bankruptcy. This will allow you to have a fresh start without worrying about the creditors.
But, the process entails many steps, and without a bankruptcy attorney, you may not succeed. So, it's essential to hire an attorney who has adequate background knowledge on cases like yours and can handle the court proceedings.
As you search for an attorney, you will also need to learn a few things about bankruptcy cases. Here are some things you aren't expected to do if you want the petition to be approved.
Don't Hide Some Creditors
Once the bankruptcy attorney agrees to file a petition on your behalf, you will be required to disclose everything, including all your creditors. The attorney will work on discharging debts for the creditors included in your petition, so if you fail to reveal everything, the debts you hide will survive the bankruptcy. This means you will still owe the creditor you forgot to mention. So, give the attorney a detailed list of all the creditors, including those you like. If you would like to pay some of them later on, you may opt to reaffirm the debts.
Don't Use the Credit Cards
Some people assume they can run up their credit cards before they file for bankruptcy, but this can be a problem. Requesting not to pay some or all of the amount you owe when you spent the money a few months ago may not work. The creditor will assume you ran up the credit card, so you may still be required to pay back the money.
Usually, the credit purchases you make within a few months of filing for bankruptcy aren't included in the debt, so you may need to pay the debt. If you don't, the creditor will accuse you of borrowing fraudulently.
Don't Communicate with Your Creditors
Once you decide to file for bankruptcy, don't try to explain yourself to your creditors or entertain any form of communication. Creditors do this to acquire more information or convince you not to file for bankruptcy.
Remember, they would like you to pay high-interest rates so they can trap you for good. So, no matter how friendly they may be, it's important to remember they aren't on your side. The only time you can communicate with them is through your attorney.
For more info, contact a local bankruptcy attorney.
Share18 May 2022
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