{"id":17,"date":"2012-08-26T19:25:13","date_gmt":"2012-08-26T19:25:13","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=17"},"modified":"2012-09-17T16:29:25","modified_gmt":"2012-09-17T16:29:25","slug":"top-10-bankruptcy-dos-and-donts-for-those-contemplating-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/top-10-bankruptcy-dos-and-donts-for-those-contemplating-bankruptcy\/","title":{"rendered":"Top 10 Bankruptcy Do’s and Don’ts for Those Contemplating Bankruptcy"},"content":{"rendered":"

If you are contemplating filing for bankruptcy relief, you need not be afraid of the bankruptcy process.\u00a0\u00a0 However, the filing of a bankruptcy should not be perceived as being “easy.”\u00a0 In short, serious problems may arise if you do not approach the process with due care and respect.\u00a0\u00a0 There are some things that you want to avoid which could make the process a lot more complicated than it needs to be.\u00a0 Conversely, there are things that you can do that could make the process a lot more simple and uncomplicated.<\/p>\n

TOP 10 BANKRUPTCY DON’TS<\/strong><\/p>\n

1.\u00a0 Don’t transfer or give any of your property to friends or relatives.<\/p>\n

2.\u00a0 Don’t “pay off” any debt to any friend or relative thinking that you then will not have to include that person in your bankruptcy.<\/p>\n

3.\u00a0 Don’t pay off\u00a0 friends’ or relatives’ debts for them.<\/p>\n

4.\u00a0 Don’t sell any of your property for less than its fair market value.<\/p>\n

5.\u00a0 Don’t invest any of your limited time, energy and resources with any so-called “debt settlement companies” who will only take your money and make false promises about being able to “settle” with your creditors.<\/p>\n

6.\u00a0 Don’t incur new debt on your credit cards and do not use them to gamble at casinos or otherwise.<\/p>\n

7.\u00a0 Don’t rely on or put faith in much of your own research that you may have done on the internet because a lot of the information is just flat wrong, even from the sites of attorneys who claim to be “experienced.”<\/p>\n

8.\u00a0 Don’t believe the threats and fear-mongering collection agents and creditors may be giving you because they can’t do what they may be threatening at all or for a very long time.<\/p>\n

9.\u00a0 Don’t cash in life insurance policies or 401k plans to pay off or pay down creditors.<\/p>\n

10. Don’t use one credit card to pay off another or to pay your taxes.<\/p>\n

TOP 10 BANKRUPTCY DOS<\/strong><\/p>\n

1.\u00a0 Do retain a qualified and truly experienced bankruptcy professional and thoroughly investigate anyone whom you are considering hiring because there are a lot of attorneys who are actually very new to the practice of bankruptcy law but who purposefully misrepresent themselves as “experienced” or “highly qualified.”<\/p>\n

2.\u00a0 Do make sure that all of your state and federal tax returns have been filed.<\/p>\n

3.\u00a0 Do disclose ALL of your property for your attorney and expect your attorney to explain why you need to disclose ALL of your property and how you are to disclose it in your bankruptcy petition and related schedules.<\/p>\n

4.\u00a0 Do understand that bankruptcy is nothing to be afraid of but that it merits a very healthy respect because the bankruptcy petition and related schedules that you complete with your attorney are not just “forms”; rather, they are legal pleadings that you and only you sign subject to penalty of perjury<\/strong><\/em>.<\/p>\n

5.\u00a0 Do expect your attorney to be knowledgeable about the bankruptcy process, to be able to thoroughly explain the bankruptcy process to you, to timely answer all of your questions, to return your telephone calls and to get you through the bankruptcy process with as little disruption to your life as possible.<\/p>\n

6.\u00a0 Do disclose ALL of your creditors, including student loans, friends and relatives, criminal fines, overdraft fees, medical bills, tax debts, child support debts, past due utility bills and ALL other creditors and all other parties who MAY have any legal claims against you, such as via a motor vehicle accident or damage to property.<\/p>\n

7.\u00a0 Do maintain documentation concerning your debts and assets including, but not limited to, billing statements, state and federal tax returns, mortgages and vehicle purchase agreements,\u00a0 title certificates for your vehicles, boats, ATV’s, etc., deeds and property tax statements concerning land in which you may have an ownership or possessory interest, 401k statements, life insurance policies, savings bonds, homeowners insurance policies, divorce decrees, and jewelry appraisals.<\/p>\n

8.\u00a0 Do understand that bankruptcy DOES nullify or discharge your legal and contractual obligations to pay most of your creditors’ claims but that it DOES NOT necessarily make your debts go away or disappear and that some claims, such as criminal fines, survive bankruptcy.<\/p>\n

9.\u00a0 Do accept the reality that sometimes people can and do lose property in bankruptcy but that this is the exception rather than the rule.\u00a0 Sometimes the loss of property is unavoidable and one must accept that but keep in mind that a truly competent bankruptcy professional can minimize such a consequence and can even, sometimes, prevent it from happening.<\/p>\n

10.\u00a0 Do consult with parents or friends or relatives (you do not have to tell them why) about whether they have listed you in a will or put your name on their land or on any of their bank accounts.<\/p>\n

Keep in mind that you WILL\u00a0 get bankruptcy relief as long as you follow the road map which is the bankruptcy code.\u00a0 Your case will be approved as long as you are honest and forthright in your bankruptcy petition and related schedules.\u00a0 The key to a successful bankruptcy proceeding is to disclose, disclose, disclose in your bankruptcy petition and related schedules and to testify truthfully at your bankruptcy hearing.\u00a0\u00a0 Know that bankruptcy may not be right for everyone.\u00a0 Sometimes, the best option is not to file a bankruptcy at all.\u00a0 However, hiring a competent and qualified bankruptcy professional will make all the difference.\u00a0 Any truly skilled professional will help determine whether the bankruptcy process could be either a benefit to you or a nightmare.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you are contemplating filing for bankruptcy relief, you need not be afraid of the bankruptcy process.\u00a0\u00a0 However, the filing of a bankruptcy should not be perceived as being “easy.”\u00a0 In short, serious problems may arise if you do not approach the process with due care and respect.\u00a0\u00a0 There are some things that you want […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[4,11,7],"aioseo_notices":[],"yoast_head":"\nDo's and Dont's of Bankruptcy | Stephen Behm, Bankruptcy Attorney<\/title>\n<meta name=\"description\" content=\"Mankato MN bankruptcy attorney Stephen Behm, Behm Law Group, provides you with information on the do's and dont's when contemplating filing for bankruptcy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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