We are bankruptcy attorneys located in Middletown, Ohio. We specialize in Chapter 7 and Chapter 13 Bankruptcy filings.
Many people get over their heads in debt. This can happen for many reasons, job loss, health issues, divorce as just a few of the most common reasons people get into debt. Many will do many things to try to keep their heads above water during this time, but there are some things that you should not do if you are struggling with debt before you consider filing for bankruptcy to get a fresh financial start.
Do not take out a second mortgage on your home to pay your debts. If you cannot pay your unsecured debts why would you transfer them to a secure debt attached to your home, once you do that if you cannot make these payments the creditor would be entitled to take your home through foreclosure.
Do not pay your debts out of a retirement savings account. You will need these funds in the future when you are able to retire. Retirement accounts will also be protected through a bankruptcy filing.
Do not max out your credit cards to stay afloat. Recently incurred charges may not be able to be discharged through a bankruptcy filing.
Do not transfer your home to another person to avoid having a lien placed on your property. If you do this you will not be able to file for at least 4 years and this could be considered fraud in the eyes of the court.
Bankruptcy is not the end of the world, just because you have fallen into a bad financial situation does not mean that you are a bad person. There are hundreds of thousands of bankruptcy filings in the United States each and every year.
Here are some thoughts of things to do when filing for bankruptcy.
Do consider this decision very carefully. Are you really in so far over your head that bankruptcy is the only way out. Under Chapter 7 you will only be able to receive a discharge every 8 years. There are other options if you have filed within the last 8 years and are struggling, contact us for a free consultation to discuss these options, 513-422-2994.
Do follow the advise of your attorney. At our office we have over 30 years of combined experience and will be able to guide you to make sure your bankruptcy is as painless as possible.
Do be honest in all of your answers on the petition. Be sure to list all assets and not leave anything out.
Do be sure to list all of your creditors on your petition.
Do close any bank accounts you have any credit lines or credit cards associated with. This will prevent the account from being seized by the creditor.
Bankruptcy is a serious decision and one that should not be taken lightly. Contact our office for your free consultation to discuss your individual situation to see if bankruptcy is the right decision for you.
For more information check out our website at www.middletown-bankruptcy.com.
Call today for your free bankruptcy consultation in our Middletown, Ohio office.