- Do make your monthly car payments on time – Any cars that you want to keep must be paid for on time. If you go into default on your monthly car payments, they could threaten to repossess your vehicle.
- Do file for bankruptcy if your amount of unsecured debt is greater than your annual gross income.
- Do file for bankruptcy if you are suffering from wage garnishment or creditor harassment.
- Do file for bankruptcy if your home is at risk of foreclosure or your vehicle is at risk of repossession.
- Do hold all creditors accountable in court if they violate the automatic stay or the Fair Debt Collection Practices Act.
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- Do complete all of your bankruptcy schedules and attend the creditor’s meeting.
- Do follow through and adhere to your repayment plan if you filed for Chapter 13 bankruptcy.
- Do file a joint bankruptcy petition if you are married or if 50% of the debt is shared.
Don’ts – What Not to Do Before & After You File Bankruptcy
- Don’t file for bankruptcy if your financial problem can be solved with a loan modification or credit counseling.
- Don’t file for bankruptcy if you are about to receive a large family inheritance.
- Don’t max out your credit cards or take out cash advances right before you file.
- Don’t forget to check your credit report to ensure that all creditors are listed there.
- Don’t rack up superfluous debt after filing for bankruptcy; you won’t be able to discharge it for another eight years.
- Don’t commit bankruptcy fraud; you could face criminal penalties and your debt will not be discharged.
- Don’t forget to get a secured credit card after you file for bankruptcy so you can make timely payments and start rebuilding up
- your credit again.
- Don’t take out money from your retirement fund, 401K, or ERISA savings in order to make your monthly payments. There are Orlando injury law firms.
- penalties from withdrawing money early from these various accounts.
- Don’t take out a second mortgage on your home just to pay off your credit card bills or any other unsecured debts you may
- Don’t put your property under a relative or friend’s name just so it’s protected from creditors. This is known as
- bankruptcy fraud and creditors can still find a way to take that property.