There are many mistakes that someone planning to file bankruptcy can make unless they are guided through the process by an attorney. Here are just a few of the more common mistakes made by some people.
1. Transferring money or property to family members prior to filing bankruptcy- If you repay debts you owe to family members or transfer property to the name of a relative like a child, then the court can undo the transfer and distribute that money or property to your creditors.
2. Not listing all of the person's assets when filing bankruptcy- If it is found that someone hid assets from the Bankruptcy Court, then that individual can be charged in Federal Court with a felony! Never hide your assets from the court.
3. Failing to list a creditor- If you do not include the creditor on your list of debts to be discharged, then that creditor could come after you to collect even after bankruptcy.
4. Running up credit card debt immediately before filing- If the debt on your credit card is less than 90 days old before filing bankruptcy, then it may be presumed to be non-dischargeable.
It is always the smart decision to consult a licensed bankruptcy attorney prior to planning for bankruptcy on your own. If you are thinking about filing bankruptcy or need help getting debt relief, then let the Law Offices of Andrew E. Farmer help you get financial relief. Our attorneys practice throughout East Tennessee and may be reached at (865) 428-6737.
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