What Not to Do When Filing for Bankruptcy

Want to ruin your bankruptcy to the point that the court might alter your filing or throw out your claim altogether? It’s not as difficult as you might think. A single, purposeful misstep can empower your creditors and give them the legal ability to resume collection practices against you with impunity. Our bankruptcy attorneys see many clients in the midst of one of more of these difficulties when they arrive at our offices. Steering them down the right path can be a challenge, especially if they’ve already made a couple key mistakes in the eyes of the court.

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Not Making Informed Decisions for Your Pennsylvania Bankruptcy Case

Deciding the particular path to travel when preparing for your bankruptcy, or which chapter to file, without consulting experienced legal professionals is a fool’s errand. You need sound advice and direction, without which you could steer yourself down an avenue where a court-appointed trustee can liquidate your assets, including your own home, and sell them to the highest bidder. Doing the homework is an essential component of the process, as is an attorney in many cases. You simply don’t know all the rules, and that’s not your fault. Arming yourself with the best possible information and counsel are among the most proactive steps you can take.

Losing Important Bankruptcy Paperwork

Each chapter of bankruptcy has specific forms, petitions and declarations necessary for the court to consider the appeal for protection. Without all the proper documentation, the court cannot legally render a decision, which may mean your case gets tossed out and your creditors let loose upon you. For example, failing to provide forms in Chapter 7 bankruptcy of your exempt assets, or those that you’d like the court to consider for exemption, could result the dismissal of your claim or your assets being dangerously vulnerable to liquidation.

Procrastinating on the Bankruptcy Filing Deadlines

Deadlines to have all the power into the court aren’t a guideline nor are they negotiable. If the court demands all documents into their clerk’s office by Tuesday at 12:00pm, one minute past the appointed time isn’t good enough. In fact, there’s case law to support that the bankruptcy court can’t extend your filing deadline after you’ve already missed it. Don’t play with fire by delaying timely delivery. Of course, if you have an attorney working on your claim, you shouldn’t need to worry about the deadlines. Knowledgeable lawyers will have your paperwork turned in on time. It’s also important to list all of your creditors in the original documentation. Leaving one off, even by accident, can mean the debt survives the bankruptcy process. Instead of emerging with a clean slate, you have a niggling creditor hounding you for payment or trying to haul you back into court before a judge.

Call Our Philadelphia and Bucks County Bankruptcy Lawyers Today

If you, or someone close to you, is in the midst of financial troubles, bankruptcy may be the solution you need to reduce your debts and gain that fresh financial start you’ve been desperately searching for. Call our law offices today for a consultation with our skilled legal team. We’ve handled more than 10,000 bankruptcy cases in our 25 years helping Pennsylvania and New Jersey residents. We can help you too.

Have You:

Been paying credit card balances that seem to never go down?

Lost your job and are now having trouble keeping up?

Attempted to work out a payment arrangement to no avail?

Been notified of a mortgage foreclosure action?

Been denied for a mortgage or other line of credit?

If the answer to any of these questions is “yes” then bankruptcy may be an option that you should consider.

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