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

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

Social Security and Bankruptcy: Do I Need to Worry about My Income?

Social Security and Bankruptcy: Do I Need to Worry about My Income?

How Bankruptcy and Social Security Are Related Bankruptcy is one of the best tools available for managing significant debt and...
Read More
Bankruptcy and Cross-Collateralization: What You Need to Know

Bankruptcy and Cross-Collateralization: What You Need to Know

Everyone’s financial situation is different, which makes each and every bankruptcy unique – and potentially complicated. One of the things...
Read More
Foreclosure on the Horizon? Here’s What You Can Do to Stop the Process

Foreclosure on the Horizon? Here’s What You Can Do to Stop the Process

Preventing Foreclosure Out-of-control debt can cause a number of problems in your life, but few are as intimidating as the...
Read More
Can I Keep Any Credit Cards If I File for Bankruptcy?

Can I Keep Any Credit Cards If I File for Bankruptcy?

Credit Cards and Bankruptcy One of the most common questions bankruptcy attorneys hear from clients is whether or not they...
Read More
How Does Bankruptcy Affect My Possessions?

How Does Bankruptcy Affect My Possessions?

Bankruptcy and Possessions Filing for bankruptcy can improve your financial situation, but it also has a major impact on many...
Read More

Bankruptcy and Renting: What You Need to Know

Renting a home after bankruptcy There are plenty of people who rent their homes. Many of them are faced with...
Read More
Bankruptcy and Selling Assets: Can I Sell My Vehicle before I File?

Bankruptcy and Selling Assets: Can I Sell My Vehicle before I File?

Can a car be sold before filing for bankruptcy? Plenty of car owners face financial struggles and consider bankruptcy. It’s...
Read More
Your Bankruptcy Timeline: What You Need to Know Before, During, and After You File

Your Bankruptcy Timeline: What You Need to Know Before, During, and After You File

Timeline for Filing Bankruptcy Bankruptcy is not something anyone plans to do in his or her life, but once you’ve...
Read More
How Bankruptcy Affects a 401K Loan

How Bankruptcy Affects a 401K Loan

Bankruptcy affects all aspects of your life, including the money you’ve saved over the years. This is especially true if...
Read More
Five Keys to Post Bankruptcy Success

Five Keys to Post Bankruptcy Success

Post-Bankruptcy Actions in Florida to Help With Bankruptcy Success Bankruptcy is one of the best ways to make a fresh...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2018 Robert Marc GellerReviewsout of 32 reviews LEA

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.