5 Things You Shouldn’t Do Before Filing for Bankruptcy

When you file for bankruptcy, it doesn’t necessarily mean that you will no longer have any problems when it comes to you gaining more debt since it will be discharged. Having such thoughts will only get your bankruptcy petition dismissed. There are other things you should not do when you file for bankruptcy and here are some of them:

1. Increasing your debt

As mentioned, racking up more debt to your account before filing for bankruptcy will definitely get you a dismissal. The bankruptcy court looks over the details of your debts including when and how you used them. This means that they will know that you are using up the chance of getting your debts discharged for personal reasons.

2. Not filing taxes

Not filing for you taxes will dismiss your bankruptcy claim. Your tax reports help the court determine your earnings and if you were able to pay for your debts. If you can’t provide documents to support your tax since you don’t file for them, then they will simply dismiss your case.

3. Selectively repaying loans

If you are only paying certain creditors over others, you need to do necessary paperwork and let the creditors and the bankruptcy court know. Your bankruptcy trustee may try to get this money back because these types of payments are often seen as preferential debt payments. It’s not illegal to pay certain loans or debts back but it may cause negative effects on your bankruptcy case.

4. Ignoring creditors

None of us enjoy having someone make frequent calls, messages, and other means of reminding to tell us to pay our debts. However, despite the fact that creditors can be really annoying when it comes to having you pay them back, you shouldn’t simply ignore them when you file for bankruptcy. You should tell them your decision to file for bankruptcy so they will know your situation.

5. Hiding assets

Leaving your home, selling your properties, transferring it to someone else’s name and other ways to hide or move your assets will not ensure you that they are safe. The bankruptcy court will thoroughly look over your previous assets and other properties prior to your filing. Once they know that you have done something without you reporting to them, they will immediately take action. Doing so can not only cause you to have your case dismissed but may also lead to having a case filed against you.


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