When declaring bankruptcy, a planned timeline needs to be established several months before the actual bankruptcy papers are filed with the court system. Your qualified bankruptcy attorney should be able to walk you through this timeline during the initial consultation. During this consultation the attorney should inform you what bankruptcy "isn't" and what it "is" able to do for you, as well as any consequences.
Bankruptcy is designed to forgive most debt from revolving lines of credit. It won't eliminate every type of debt that an individual owes. Federal subsidized student loans are one example. This type of debt is excluded from bankruptcy protection. Mortgages are another type of debt that will not be eliminated, but with assistance from a qualified attorney or sometimes the debtor themselves, a forbearance may be arranged to allow a temporary delay of mortgage payments that are due.
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Some bankruptcy candidates may think that several months before the official bankruptcy process begins, if they will definitely be declaring bankruptcy, they should take the maximum cash advance that each and every credit card they possess. Depending on the individual situation, doing so can complicate matters and is therefore not a wise course of action. In other words, do not do anything fraudulent, deceptive, or that can be viewed as "trying to get one over" on the banks.
Any vehicles or real property should not be sold or purchased some time before or even after bankruptcy is declared. Banks and other lending agencies are well within their rights to review many financial transactions that occur pertaining to an individual which has already declared bankruptcy. Should any real property or vehicles change hands, lenders may demand any monies received from the sale of property be forfeited and handed over to pay off any debts.
Like most legal situations, there is a window of time where reviews can take place after bankruptcy has been declared. As always, consulting with an attorney specializing in bankruptcy and other financial matters is always the best course of action and will save a lot of grief while trying to rebuild a positive credit history.
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