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Los Angeles Bankruptcy Attorney

Common Mistakes to Avoid in a Bankruptcy

Bankruptcy involves many detailed and complex steps in order to ensure that you have the best outcome to your debt situation. In order to make sure that you do not do anything that will affect this outcome, we recommend you meet with our experienced Los Angeles Bankruptcy attorneys to protect you from mistakes that could cost you considerably in the end. Below is a list of just a few of the costly mistakes to avoid.

  • Don't hide assets or debts - This could lead to your entire bankruptcy case to be denied, in addition to serious penalties and fines.
  • Don't tell a creditor that you intend to pay - This could lead to that creditor bringing this up at the Trustee hearing and expecting to be paid in full.
  • Don't pay money to family or friends - You cannot treat family or friends any better than your other creditors. If a Trustee becomes aware of this, he can reclaim the money from your family or friend.
  • Don't put your money in your kids' bank accounts - Attempting to hide assets is a serious offense and can not only have your bankruptcy denied but could lead to fines and imprisonment.
  • Don't omit or 'save' a credit card for after your bankruptcy - Again, this will not be looked at lightly and is sure to show up on close inspection.
  • Don't misrepresent facts to your attorney - This could lead not only to losing your bankruptcy case, but to not having an attorney!
  • Don't run up your credit cards in advance of filing bankruptcy - Certain amounts will be considered nondischargeable and you may have to pay those off in full.
  • Don't transfer property to anyone - Again, this is attempting to hide assets and is a serious offense.
  • Don't file if your income is substantially greater than your expenses - You will likely not qualify for a bankruptcy. Another debt handling situation would probably be best for you.

Bankruptcy Lawyer in Los Angeles

The few mistakes listed above are just a taste of the numerous errors that people often make when considering bankruptcy. The financial impact these errors can make is not something you want to find out about the hard way. We encourage you to meet with us as soon as you consider the subject of bankruptcy so that you can make an informed decision. Call us today.