Filing Bankruptcy? Do Not Commit These Costly Mistakes

On April 23, 2020, in Bankruptcy, by John A. Weber IV, ESQ

Planning to file bankruptcy? It may seem easy but there are a few things you need to know before deciding to file bankruptcy. Beware of committing some costly mistakes or you will pay heavily for them, afterwards.

Our bankruptcy attorneys in New York have listed these mistakes for you.

  1. Lying About your Assets

Leaving out assets or income purposely can lead to the dismissal of your case. You can also be banned from filing on those debts ever again. As a result, a bankruptcy trustee will have access to check all your financial records and your deception will come under the scanner. Also, don’t try to hide any of the creditors because credit card companies have records with them.

  • Giving Assets or Payments to Family Members

Giving away money or assets to family members, to get it back later, is not allowed when filing bankruptcy, especially just before filing bankruptcy. All of your assets should be listed completely and if you still owe any money for them, they must be listed as a liability.

  • Taking a New Debt

Taking a new debt before filing bankruptcy could lead to you being responsible for it.

  • Failing to File Income Tax Returns

If you have failed to file income tax returns, you are affecting your chances of filing bankruptcy.

  • Waiting Until the Last Minute

If you keep on postponing or keep on ignoring your financial situation, it will deepen your trouble. Disregarding letters, phone calls, and court documents are the ways to make the situation worse for yourself.

Our bankruptcy attorneys in Long Island will help you handle things correctly. Call and seek assistance today!

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