Posted on Sunday, 24th January 2010 by admin
The bankruptcy process is a long process that seems like it’s never going to end, but trust me, it ends sooner, or later. Whether you’re going through the process right now, or maybe you’re about to start it, there are some things that you need to avoid, in order to make everything run smoothly.
- Don’t try to hide anything: Hiding things won’t help you, and if you’re going to try to hide things that are of value to you, they are going to find out about it, sooner or later. It’s always best to be open, and honest here.
- Kiss your money goodbye: If the government, or someone is going to send you money, you’re not going to be able to keep it, so get that out of your head right now. All money owed to you will be gone.
- Don’t hide your money! Let’s say that you give some money to a relative, or hide it under your mattress. You owe these creditors money, so don’t be a deadbeat. How would you like it if I owed you money, and I had it, but didn’t give it to you? Be a good person, and pay up.
- Stop building debt: If you have the mindset that you’re going to declare bankruptcy, and you keep racking up debt, the judge isn’t going to like this, and your chances of filing now are going to be fairly slim. The lesson here is to cut up your credit card.
- Don’t sell real estate: If you’re going to file, just hold onto things. Don’t sell real estate, because it’s going to come around, and bite you in the butt.
These are the most common mistakes. The lesson here is to make sure that you keep everything in tact. Don’t buy more goodies, don’t go out, and purchase more things. It’s important that you just keep money in the bank, and be prepared to pay off your creditors, like you should.
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