Dos & Don’ts About Bankruptcy, Serving Kansas And Missouri

Chapter 7 bankruptcy law can be a maze of pitfalls for the uninitiated. But careful planning, foresight and strategizing will ensure that your possessions remain yours while we work together to ease your financial constraints. Here are a list of common mistakes and hazards encountered by person facing bankruptcy.

33 DON'TS in preparing to file a Chapter 7:

• Don't leave out Bank, Checking, Savings, Brokerage, Credit Union accounts.
• Don't file if your income is greater than your expenses.
• Don't use your credit cards.
• Don't take Credit Card Cash Advances.
• Don't use convenience checks.
• Don't do balance transfers.
• Don't pay money to Family.
• Don't pay money to Friends.
• Don't tell a creditor that you intend to pay.
• Don't leave assets off of your paperwork.
• Don't file if you are about to receive a tax refund or inheritance. Discuss the timing with your attorney.
• Don't fail to tell your attorney about your small business, sole proprietorship, partnership, LLC, LLP, LC, corporation, or hobby.
• Don't purchase a home shortly before filing bankruptcy without consulting your attorney.
• Don't give or gift property to anyone.
• Don't pay more than $600 on any past due bill.
• Don't transfer property to anyone.
• Don't cash out retirement plans or 401k's.
• Don't take out a second mortgage.
• Don't gamble.
• Don't hide assets or debts.
• Don't take out "payday loans".
• Don't put your money in your kids' bank accounts.
• Don't omit or 'save' a credit card for after your bankruptcy.
• Don't fail to list debt to family or other "insiders."
• Don't write bad checks.
• Don't borrow money.
• Don't forget to tell your attorney about liens you may have on your home or unpaid judgments so they can be avoided.
• Don't make major financial decisions without talking to your attorney.
• Don't get married before filing if your spouse has a high income.
• Don't misrepresent facts to your attorney.
• Don't run up your credit cards in advance of filing bankruptcy.
• Don't fail to appear at State court hearings, trial or proceedings; coordinate with your attorney.
• Don't hide from your attorney. Keep them up-to date with your address, phone number & email address.

Contact Drew Frackowiak Attorneys At Law today at 913-381-7654 when bankruptcy threatens.