A Mortgage Attorney in Panama City Will be Revealing Mistakes People Make Before Bankruptcy
Before filing for bankruptcy, some people assume that bankruptcy will interrupt their lives much more than it truly will. They then think that they need to make extra preparations, but those "preparations" end up being a lot more harmful than helpful. Here are several of the top instances of pre-bankruptcy mistakes to avoid, provided by a foreclosure lawyer:
Transferring Cash into Somebody Else's Bank Account
Transferring your money into another individual's bank account may feel like a great idea at first. You may assume that if your cash is not in your account, it won't get touched, but that won't be the case. When you file for bankruptcy, the courts will ask for your bank statements or proof of where your money is going. Therefore, they will rapidly see that you are making money and then putting it into some other account.
Transferring Assets into Someone Else's Name
Similarly, you may feel like transferring your car into a friend's name or selling it for $1 will enable you to hide it when you file for bankruptcy. This is not true either. You will likely be discovered for performing a deceptive transfer. Many important assets will be protected in bankruptcy anyway.
Continuing Payments Longer than You Need to
It is necessary to remember that you do not usually need to pay your credit cards and other dischargeable loans up until you file for bankruptcy. If you do this, you are basically throwing out good money because the debts will vanish after you file anyway, no matter the amount. So, leading up to the filing, you would do better to save some money rather than paying certain bills.
Filing for bankruptcy may seem frightening initially, but it doesn't have to be! Remember, do not over-prepare by doing things that will potentially harm your situation. Relax, and contact attorneys Martin Lewis and Steven Jurnovoy for bankruptcy assistance.
Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.
Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
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