If you are thinking about filing a personal bankruptcy case, either Chapter 7 or Chapter 13, then keep in mind that there are various rules to follow. The following three tips can help you avoid problems.
1) Do not transfer your property to anyone. And don't think that the Court might not find out. First, the Bankruptcy petition and statements that you have to file with the Court clearly ask you whether you have transferred any property in the past two years. Additionally, the Bankruptcy Trustee who conducts your hearing will ask you under oath whether you have transferred any such property. The Trustee is looking at anything valuable, whether it's a house, car, boat, bank account, etc. And that could also be taking your name off of a joint bank account, for example.
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The ironic thing about transferring property is that you can probably protect all of your assets anyway when you file bankruptcy! Meet with a qualified attorney to review your property exemptions (what you can protect).
2) Do not use credit cards or take out loans if you are contemplating bankruptcy. Don't ever max out your credit cards if you are considering bankruptcy. Specific bankruptcy rules prevent individuals from taking cash advances or purchasing luxury items on credit in the 90-day period prior to filing bankruptcy. Creditors may challenge you in Court if they believe that you have acted in bad faith in using excessive credit. So watch out particularly for those cash advances and non-essential purchases.
3) Do not ignore creditor lawsuits and other collections efforts. Many people file bankruptcy due to lawsuits from creditors. A bankruptcy filing will stop those lawsuits from proceeding. But until your case is filed, the lawsuit will proceed. The same advice applies to vehicle repossession efforts and utility shut-offs. You do not want to wait until the last moment to file your bankruptcy case!
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