Understanding the Do’s & Don’ts of Bankruptcy
If you are considering bankruptcy in the Tampa Bay area, you should not try to navigate this complex system on your own. Instead, you should seek the guidance and bankruptcy information from a seasoned bankruptcy attorney.
When you file for bankruptcy, there are many do’s and don’ts that you must pay very close attention to in order to successfully rid yourself of debt. We have listed some of these bankruptcy do’s and don’ts for your convenience.
We would be happy to further discuss your financial situation with you in a free bankruptcy evaluation at either our Tampa or St. Petersburg, FL office or by phone at your convenience.
The Do’s of Bankruptcy
- Do face the reality of your current financial situation and come to terms with it so you can start moving forward with a debt relief plan.
- Do remember that you are not alone. Seek the legal help you need!
- Do consider your options for bankruptcy if you are unable to keep up with your credit card bills and other debt payments.
- Do continue making payments on your vehicle if you plan on keeping this property through the bankruptcy process.
- Do use your resources to find out the current value of your property.
- Do rework your budget and find new ways to live within your means
The Don’ts of Bankruptcy
- Don’t borrow money from your retirement fund if you find that you have become insolvent. This action may result in taxes or penalties that cannot be discharged through bankruptcy.
- Don’t take large cash advance on your credit. If it is later shown that you did not intend to repay this debt, your actions may be deemed as fraud.
- Don’t transfer property to another person for the purpose of hiding your assets during the bankruptcy process. This may lead to criminal fraud charges.
- Don’t borrow money against your home equity for the purpose of repaying unsecured debts, which could easily be discharged through bankruptcy. This may put you at greater risk of losing your home in the future.
If you are facing financial challenges and are unable to handle the overwhelming amount of debt you have, reach out to our firm immediately. We will provide you with the high-quality bankruptcy services that you need and deserve.
With more than 12 years of experience, Dion R. Hancock is familiar with all aspects surrounding Florida’s bankruptcy and foreclosure laws. We will walk with you step-by-step through the filing process and help you improve the chances of attaining a positive resolution to your bankruptcy proceedings.