Three Bankruptcy Mistakes You Don’t Want to Make

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Bankruptcy can be complicated, especially when you go through the process alone. At The Jones Law Firm, we will not only ensure your process is smooth, but that you don’t make these three bankruptcy mistakes that can cost you in the future.

1. Running Up a Credit Card Bill - One of the Most Common Bankruptcy Mistakes

You may think that because you plan to file for bankruptcy, you have a free pass to run up your credit card bill with frivolous purchases. The reality is that by doing that, you run the risk of disqualifying those debts in your bankruptcy discharge. This is because credit card companies allow you to make these purchases with the understanding that you will pay them back. But when you know you are going to file for bankruptcy, you have no intention of paying back those debts. In some cases, the credit card companies will argue that this is obtaining credit by fraudulent means. The general rule is to not use your credit cards for 90 days leading up to your bankruptcy filing.

2. Giving Money/Assets to a Family Member

Though giving your high valued possessions to family members while you undergo bankruptcy may seem like a good idea at the time, it actually will come back to get you--especially if it’s with the notion that they will give them back to you once bankruptcy has been completed. In some cases, this can be considered fraudulent behavior as you will have to be dishonest on what is in your assets at the time of filing.

3. Not Calling The Jones Law Firm

It is crucially important you have a trusted bankruptcy attorney by your side when you begin the process as many of these errors that emerge are not meant to be dishonest--you simply may not realize the legal ramifications. While you may think you can handle bankruptcy alone, having an attorney will save you a lot of time, and potentially money, in the long run.

Call The Jones Law Firm Today

If you are experiencing financial distress or the burden of debts you cannot pay, we encourage you to contact The Jones Law Firm for a free consultation. With offices in Reynoldsburg, Ohio, The Jones Law Firm works with clients in and around Columbus and throughout central Ohio. Don’t delay. Your financial future begins now.
Categories: General Bankruptcy