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Common Bankruptcy Mistakes

Declaring BankruptcyWhen Declaring Bankruptcy, many people do not understand the federal bankruptcy law that have been changed recently. What is bankruptcy? Bankruptcy allows individuals or businesses (debtors) who owe others (creditors) more money than they’re able to pay to either work out a plan to repay the money over time or completely eliminate (discharge) most of the bills that were once owed.

A Chapter 7 bankruptcy wipes your debts and gives you a fresh start. Filing for Chapter 7 bankruptcy is an option for those who need it. Click here to read more about Florida Chapter 7 Bankruptcy information. Your assets will be collected, and creditors sell any assets that aren’t exempted. Click here to read more about Florida Exemptions. Many people find themselves in bankruptcy and make common mistakes that end up costing them even more money. Many people think that once they declare bankruptcy they’re automatically free from their debts and decide to go on a shopping spree, but that simply is not how it works. Take note of these mistakes that people commonly make.

Common mistakes that people make with bankruptcy include:

  • Bankruptcy is a debt relief option
  • Procrastination
  • Failing to list all creditors
  • Failing to provide documents
  • Missing your hearing
  • Paying large amounts to family before filing
  • Failing to disclose all assets
  • Transferring Assets
  • Failing to disclose all information to your lawyer

Declaring Bankruptcy is a difficult choice. It is very important when filing for Bankruptcy you follow all of the guidelines necessary. Failure to do so will result in even more debt. Andress Montejo Law can help you with your bankruptcy questions and concerns. We can help you decide what is best for you with our free consultation. Our Free consultation includes follow up calls to be able to find out if bankruptcy is of interest to you. Please contact us to see if you need bankruptcy!

Declaring Bankruptcy | Andres Montejo Lawyer