What You Should Do If
You Are Going to File for Bankruptcy?

What You Should Do If You Are Going to File for Bankruptcy?


What You Should Do If You Are Going to File for Bankruptcy?


Stop using ALL credit cards and other charge accounts.

If you want to keep your house or car, PAY your house or car payments on time.
     Remember: not paying will likely cause creditors to call and collect from you.

If you don’t want to keep your house or car (and you are sure), stop paying your house or car payments.
     Good News: You will have more available cash.
    
Bad News: Creditors may start repossession or foreclosure.

Open a new checking and savings account at a bank where you don’t owe any money.
     This is to prevent your current bank you owe money to from taking your money.

Stop paying all credit card and charge accounts.
     Good News: You will have more available cash.
     Bad News: Creditors will call and try to collect from you.

Pay for food, insurance, utilities, rent, and other things you want to keep or use.

DO NOT PAY BACK any relatives or close friends you owe money to before filing bankruptcy.
     Pursuant to the bankruptcy code, the Bankruptcy Trustee can sue them for the money.

Lastly, please keep all of your assets the way you have them. Do not transfer money, cars, or property into anyone else’s name prior to filing bankruptcy.
     The Bankruptcy Laws prevents this from remaining and you may lose the property you transferred
     and ultimately not receive a bankruptcy discharge if you do this.