The Dos and Don'ts of Declaring Bankruptcy

If you are faced with debts that you cannot pay, you may have considered declaring bankruptcy. By declaring bankruptcy, you may be able to eliminate the debts that are causing you financial hardship. However, before you file bankruptcy, you should know the dos and don'ts of declaring bankruptcy in Central Florida.

Before You File Bankruptcy

Before you file a Chapter 7 or Chapter 13 bankruptcy, some of the things you should do include:

If you are filing a Chapter 7 bankruptcy, make sure you are up to date on any cars or homes you wish to keep when you file. Make sure you identify any debts that will not be discharged in your chapter 7 or chapter 13 bankruptcy. Common non-dischargeable debts are: student loans, certain income taxes, and family law support orders. You need to come up with a plan to tackle these debts without getting them discharged in the bankruptcy. If you are filing a Chapter 13 bankruptcy, have your employer reduce your tax withholding so you do not overpay on your taxes. You do not want to get a tax refund during a chapter 13 bankruptcy.

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Below is a list of things you should not do before filing a chapter 7 or chapter 13 bankruptcy in Florida:

Do not take any money out of your protected retirement accounts (401K, IRA, etc.) to pay debts. These accounts are one of the safest places to have your money while dealing with your debt. They are very well protected. Do not take a second mortgage or a title loan to pay debts. Do not run up credit cards in anticipation of filing bankruptcy. These charges could be seen as fraud and could also result in a non-dischargeable debt. Do not pay back your relative more than $600. Do not put any property into someone else's name to avoid losing it in bankruptcy. This is fraud and will affect your attempt to file bankruptcy.

Before you declare bankruptcy, consider consulting a bankruptcy attorney in your jurisdiction.

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