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What are the most common mistakes I can make when filing for bankruptcy?

What are the most common mistakes I can make when filing for bankruptcy?

: Richard West Law Office

Probably the most common mistake that consumers make when filing for bankruptcy is failing to list all of the information that is needed. For example, if a consumer has a teenage child who is driving an automobile titled in the consumer’s name, its easy to forget to list the vehicle in the bankruptcy petition because, in your mind, you consider it the child’s car.

However, in Ohio the owner of an automobile is determined by the title. If the title is in the parents names then the parent must list the car in their bankruptcy petition. The same thing goes for bank accounts that you have for you children or sometimes for your parents. Another mistake that we frequently see in filing bankruptcy cases is forgetting to list certain debts. Sometimes people think that because they believe the debt to be nondischargeable in bankruptcy, – tax debt or student loans for example, – they don’t have to list the debt. This is not true. All debts must be listed even if they are not going to be discharged in the bankruptcy.

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