Bankruptcy offers a way out for people drawing under debts. It is an opportunity for them to get a fresh start under liquidation, Chapter 7 bankruptcy, or reorganization that Chapter 13 bankruptcy. In either case, the bankruptcy court can discharge some specific debts. Once you get a discharge, the creditors can no longer harass you or take action against you, such as seizing any collateral or attempting to collect the debts.
The Norfolk bankruptcy attorneys with the Law Offices of John W. Lee, P.C will help you discharge your debts, but you cannot get discharged for all your debt. The Attorneys in Hampton Roads Law Firm of John W. Lee, P.C in Virginia, have years of experienced, helpful and compassionate. They try their best to make the legal proceedings smoother for their clients.
Bankruptcy is a life-changing process or experience for people. It can have a positive impact also a negative effect on the person. You want to have a positive impression of bankruptcy for you. You should know what to do and what not to do before filing.
Many people try to get around bankruptcy laws by giving away or concealing the assets that they need to list in their filing. The bankruptcy court doesn’t look kindly on this. The bankruptcy trustee has the job take account of all the assets and reporting for filing. It is tough to hide all the information and get away with it.
Sometimes, people are desperate and look for an edge. They look for assurance they will qualify for bankruptcy, which leads to errors. Here is a list of what you should avoid doing while filing your bankruptcy.
What Should You Avoid Doing while Filing Bankruptcy?
The list of things you need to avoid includes –
- Lying about the assets
- Not consulting an experienced bankruptcy lawyer
- Giving payments to your family members
- Running up a credit card debt
- Raiding 401(k)
- Taking new debts
- Transferring your assets or property to friends or family
- Not doing your research properly
Non- Dischargeable Debts
The non-dischargeable debts include child support and alimony, unpaid taxes. The malicious and willful injury to a property or another person is also a non – dischargeable debt. At the same time, injury or death caused by the debtor is also a part of the debt not discharged by bankruptcy. You cannot get a discharge for debts that you forget to list while filing for bankruptcy.