Things you cant do just before filing for Bankruptcy

Many people see filing for Bankruptcy as a sort of suicide. They seem to think that it is the last resort before entering some purgatory. As a result, there are many who figure they should make peace with their world before filing. Here are some thing one should not do before filing for bankruptcy:

1. Take a luxurious vacation to the islands. You may have a great time but the debt may wind up chasing you beyond bankruptcy.

2. Repay Mom and Dad for the help they gave you. Mom and Dad will likely get a demand letter from the Trustee in Bankruptcy.

3. Order a bunch of inventory for your small business so you have plenty on hand. Your vendor will likely be able to just come pick it up.

4. Pay a tax bill with a credit card. Your credit card company will have a “tax claim” in your bankruptcy case.

Bankruptcy is not the end of anything except your dischargeable debts. It is a tool to be utilized when it is needed, it is not an excuse to act impulsively or irresponsibly.

This article is written by an attorney at Attorney Donald Wyatt PC. Always consult an attorney before making any legal decisions. To make an appointment today for a free consultation, please click here to contact us.

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