Do's and Don'ts of
Bankruptcy in Chesterfield
If you struggle financially every month and still can’t pay all of your bills, filing bankruptcy in Chesterfield, VA could give you the breathing room you need and finally wipe out mountains of debt. If you are thinking about bankruptcy, there are some steps you can take to help the process go as smoothly as possible. There are also some things that you absolutely should not do as they could result in the court dismissing your bankruptcy.
Below we’ve gathered a list of the the most common do’s and don’ts of bankruptcy in Virginia. They are critical to successfully filing and completing your case. Take a look, then give us a call. Schedule your free consultation and get the answers you need before taking the step to file bankruptcy.
Your "Do" List
- Do file all required tax returns, both state and federal.
- Do remove any funds from a credit union that you have debt with (if necessary open up an account with another bank).
- Do remove any funds from any banks to which you owe money to for any type of debt
- Do tell us about every debt
- No matter how old
- Even if you don't want to include it in your petition
- Even if you don't agree that any debt is owed
- Even if someone else is supposed to make the payments
- Even if someone else is jointly responsible for the debt.
The question is not whether you believe that you owe money to someone; the question is whether someone might claim that you owe them money, or that you did some sort of harm to them or to their property.
- Do tell us about everything that you own, even if there is no debt involved
- Even if someone else's name is somehow attached to that property and/or to a loan that is secured by that property.
By far, the problems that arise the most often are caused by failure to tell your attorney about something in advance. We can deal with problems if we know about them ahead of time. Surprises that come too late in the process can lead to situations that are impossible to resolve.
- For instance, if you have a big tax refund coming, we can usually make sure you get to keep that money instead of giving all or part of it to the bankruptcy trustee.
- Another common problem involves lawsuits or personal injury settlements. If you file bankruptcy without disclosing the potential settlement or judgment, you can actually lose your right to pursue that claim.
- Do call us anytime if you have any questions, or if something unusual happens.
Your "Don't" List
- Don't use a Quit-Claim Deed (a.k.a. "Quick Deed") for any reason, without specific advice from an attorney. Most of the time that is just asking for trouble.
- Don't fall for any "foreclosure reinstatement loan modification" or "foreclosure loss mitigation" offer. There are a lot of scam artists who try to take advantage of people in desperate situations.
- Don't buy, sell or give away any of your belongings.
- Don't withhold anything from your attorney. Most complications arise as a result of incomplete information.
- Don't leave out any creditor or debt.
- You are required to list absolutely every creditor for your bankruptcy in Chesterfield, VA.
- If there are people that deserve special treatment, just tell us about it. There is usually a way to deal with it, as long as we understand the situation it in advance.
- Don't listen to rumors or well-intentioned advice from friends and family. You are paying your attorney for that service.
- Don't pay ahead or pay off (or pay down) any significant debts; even very small ones.
- Don't pay relatives, friends, or other "insiders" back for loans that you owe them
- Don't take out any new loans, create any new debts, or make any more charges on existing credit accounts or credit card accounts.
- Credit card companies and automobile finance companies have become very aggressive in pursuing their rights against individuals making this mistake.
- On top of that, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) includes several provisions which give creditors additional rights in situations where a new debt has been incurred shortly prior to the filing of the case.
- Don't wait until the last minute. Every bankruptcy lawyer in the country can recite horror stories about clients whose situations would have been relatively easy to deal with if they had just come in a few days earlier.
Contact Chesterfield Bankruptcy Law Today!
Bankruptcy law is complex, filled with deadlines and details that can be confusing and frustrating. You don’t have to do it alone. Use the form or call 804-706-1355 to schedule a free consultation and determine if filing for bankruptcy in Chesterfield is right for you.
NEED A CHAPTER 7 BANKRUPTCY ATTORNEY IN
CHESTERFIELD, VIRGINIA?
CONTACT US TODAY!
The attorneys at Chesterfield Bankruptcy Law can help you determine if bankruptcy is the right debt relief option for you.
Bankruptcy is a last resort. There may be alternatives that can help you deal with the financial burden. Call us at 804-706-1355 for more information and to find out if bankruptcy is the best option for you.
