Dos & Don'ts
If you are considering bankruptcy, there are some things you can do to protect yourself and your assets.
Dos
Ignoring your financial trouble will not make it go away. Speak to a RHM LAW LLP bankruptcy lawyer about your options as soon as possible.
Full disclosure is required in bankruptcy. Hiding assets or lying about your financial situation can result in the dismissal of your case or even criminal prosecution.
Keep copies of all documents related to your bankruptcy, including your petition, schedules, and any correspondence with the court or creditors.
You will be required to attend a meeting of creditors and possibly a confirmation hearing. Failing to attend these hearings can result in the dismissal of your case.
Before you can file for bankruptcy, you must complete a credit counseling course from an approved provider.
Don'ts
Transferring assets to friends or family members before filing for bankruptcy can be considered fraud and can result in the dismissal of your case.
Incurring new debt with the intention of discharging it in bankruptcy can be considered fraud and can result in the dismissal of your case.
Failing to disclose all of your assets can result in the dismissal of your case or even criminal prosecution.
Bankruptcy has strict deadlines for filing and completing required courses. Missing these deadlines can result in the dismissal of your case.
Some tax debts can be discharged in bankruptcy, but there are strict requirements.
