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Bankruptcy can be the best solution for those who are overwhelmed with creditors and their debts. Because bankruptcy is a legal procedure, it requires specific requirements and some critical steps to be followed. Here we share some common mistakes which people make when filing bankruptcy. So if you are considering filing for bankruptcy in California, you must understand and avoid these bankruptcy mistakes.
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Mistakes People Make When Filing for Bankruptcy Choosing the Wrong Bankruptcy You should talk with a lawyer as soon as you have a concern so that they can guide you if it is the right time, and what type of bankruptcy will work best for your needs and financial issues. Adding to Your Debt Before You File You should stop spending and try to freeze your debt before you file. Any activity that is out of the norm or that appears to be suspicious can lead to your request being denied. Transferring Property Transferring your property to your family members or friends is a huge red flag and will most likely lead to your bankruptcy request being denied. Using the Wrong Funds to Pay the Debt Allow your attorney to help you file for full bankruptcy and have your debt dismissed in the proceedings rather than try to pay it down with other funds. Omitting Assets From Paperwork Your paperwork needs to be full and accurate. It means that you should include every single asset- big or small that you have. Filing Without a Lawyer You might think that you can file on your own, it is far more effective to hire a bankruptcy lawyer. They will make the process easier by helping you to file for bankruptcy successfully without any mistakes. Filing Too Close to a Major Life Event Avoid filing if you are going through any major life stressors. Consider the right time of bankruptcy filing, which can make the process easier and lets you focus on bankruptcy. CALL US FOR CONSULTATION 805-492-7045 BERNEMANLAWFIRM.COM
