What You Need to Avoid Debt Pitfalls

Bankruptcy Attorney

When you get into a tough financial situation that doesn’t look like it is going to be a temporary problem, then you may have to consider going bankrupt. There really are some things that you need to avoid doing once you have made this decision, and prior to filing for your bankruptcy. There are some actions that you may be tempted to take regarding your finances that could have an effect on your bankruptcy.

The first thing you want to do is find a good bankruptcy attorney In Dayton. This expert will take you through the entire bankruptcy process. You may be thinking that you could use your retirement fund to pay down some of your credit card debt. The problem is if you are not able to totally clear it off yourself, then this is a debt that may be discharged in your bankruptcy. Why use your retirement money, when you have to go bankrupt anyway because of the other debts? Using these funds is going to have a bad effect on your financial future. Something else you want to avoid is just ignoring those you owe money to. Speak to your bankruptcy expert about notifying your creditors about your intent to file for bankruptcy. This way you can stop any legal action for the time being before they start it.

Make sure you file your taxes. These filings may be required as part of your bankruptcy process. Finally don’t go out and start increasing your debt by buying frivolous items just because you figure you are going bankrupt so you might as well. Lastly do not start transferring your assets into the names of others to try and protect them. These are all things you do not want to do before your bankruptcy.

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