CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Pre-Bankruptcy: What You Should and Should Not Do in the Weeks before Filing for Bankruptcy

Pre-Bankruptcy: What You Should and Should Not Do in the Weeks before Filing for Bankruptcy

Filing for bankruptcy is a major financial step. The decision to file is not one that should be taken lightly and many people experience some trepidation in the time leading up to their decision to file. Luckily, working with an experienced attorney can put your mind at ease and help you move through bankruptcy successfully.

As distracted as you might be by your mounting financial woes and your decision to file or not to file in the weeks before bankruptcy, there are several important things you need to understand about the pre-bankruptcy period. What you do – and do not do – during this time can make or break your bankruptcy. If there is even the slightest chance you might file for bankruptcy, it’s important to schedule a consultation with an attorney and find out how to manage pre-bankruptcy.

Organization

One of the best things you can do as you move toward bankruptcy is to get organized. Even if you choose not to file, organizing your finances can help you get things back to manageable, so this is time well-spent.

In order to file, you’ll need to report all of your income and all of your expenses. You’ll need to share with the court information about personal loans, medical bills, credit cards, child support and alimony obligations, and student loans. You’ll also need to report your monthly income, as well as all of your assets. The more organized this information the easier it will be for your attorney to help you complete your paperwork.

During the pre-bankruptcy phase, begin tracking all of your monthly expenses. In addition to the debts you owe that you may or may not be paying, you’ll also need to know what you spend on food, clothing, and medical expenses. These expenses are used in part to determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy, and if it’s the latter, what your payment plan will be.

To learn more about whether you qualify for Chapter 7 or Chapter 13, check out this means test tool from LegalConsumer.com.

Actions Not to Take

In addition to what you can do to get ready for bankruptcy, there are also some actions you’ll want to avoid. Even a simple misstep during the months before your bankruptcy can result in dismissal of your case. If you are considering filing for bankruptcy, do not:

• Use your credit cards for a spending spree
• Transfer or sell assets to family or friends
• Gift family or friends significant gifts, property, or money
• Intentionally damage property

Essentially, you want to avoid doing anything that could look as if you are trying to keep assets from the court. Even if your intentions are good, the court can interpret a gift or sale of an asset as an attempt to hide it and as a result, can reject your bankruptcy claim.

If you would like more tips on how to handle the time leading up to your bankruptcy or you want to talk to someone about whether you qualify for bankruptcy, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a consultation.

 

Tampa Bankruptcy Law Blog

What are Your Bankruptcy Options?

What are Your Bankruptcy Options?

How Bankruptcy Works Bankruptcy can be a powerful tool to help you get back on track financially. But before you...
Read More
Bankruptcy and Your Tax Return

Bankruptcy and Your Tax Return

How Bankruptcy Can Affect a Tax Return Receiving an income tax return can feel great and help you get caught...
Read More
Borrower Beware! What You Need to Know about Debt Relief Services

Borrower Beware! What You Need to Know about Debt Relief Services

Are Debt Relief Sevices Legit? If you feel as if you are drowning in debt you’ve no doubt considered a...
Read More
Four Mistakes to Avoid When Managing Your Finances after Bankruptcy

Four Mistakes to Avoid When Managing Your Finances after Bankruptcy

Avoid These Common Financial Mistakes After Filing for Bankruptcy Managing your finances after bankruptcy can be a challenge, especially if...
Read More
Tips for Handling Creditor Harassment

Tips for Handling Creditor Harassment

Creditor Harassment and Bankruptcy Dealing with a significant amount of debt is difficult enough, but when creditors began hounding you...
Read More
Unexpected Debts that Can Lead to Bankruptcy

Unexpected Debts that Can Lead to Bankruptcy

Unexpected debt can cause financial issues and Bankruptcy Unemployment, poor management of credit cards and even divorce can push people...
Read More
What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

What You Need to Know about Tax Identity Theft and How It Can Affect Your Credit

Tax Identity Theft and Credit The increasing popularity of filing tax returns online has given way to a rise in...
Read More
How To File for Bankruptcy [Infographic]

How To File for Bankruptcy [Infographic]

The Bankruptcy Filing Process Need to file for bankruptcy but not sure where to begin? The Law Offices of Robert...
Read More
Five Things You Need to Know about Bankruptcy Fraud

Five Things You Need to Know about Bankruptcy Fraud

What is Bankruptcy Fraud The average person filing for bankruptcy has no intention of committing fraud. He or she is...
Read More
The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

The Importance of Being Prepared: What You Need to Bring with You to Your Bankruptcy Consultation

Preparing for a Bankruptcy consultation with a Bankruptcy Lawyer Filing for bankruptcy is a big decision. One of the most...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2018Robert Marc GellerReviewsout of 32 reviewsLEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online   Bankruptcy Courses   

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Law Office Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.