5 Things You Should NEVER Do Before Filing for Raleigh Bankruptcy

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    Filing for bankruptcy in Raleigh, NC, can help you recover from overwhelming debt.


    To date, Attorney Weik has filed over 15, 000 cases – that means thousands of Raleigh residents have seen their financial lives return to normal, and they’ve taken the first steps on the road to living debt-free.


    However, bankruptcy is NOT a magic fix-all.


    It doesn’t give you a free license to act irresponsibly before you file.


    If you do, it can derail your bankruptcy filing and land you in a worse financial situation than the one you started in.


    What follows are five things you should never do before filing for Chapter 7 or Chapter 13 bankruptcy in Raleigh.


    These actions could get your case dismissed or, worse, get you in legal hot water.

    1. Lying About Your Assets

    This is the first and most critical step: The Bankruptcy Petition.

    In the bankruptcy petition, you need to report all of your assets – property, money in savings accounts, etc. You also need to list all of your debts.

    This is a legal document that’s filed with the court as part of your Raleigh bankruptcy case. That means that any misstatements, omissions or willful lies you tell in this document can come back to haunt you or your bankruptcy attorney later on if the trustee uncovers them.

    If you lie about assets, it can result in the dismissal of your case – and even criminal charges.

    2. Not Consulting an Attorney

    An experienced bankruptcy attorney in Raleigh like Attorney Weik can help you decide which type of bankruptcy is best for your particular financial situation.

    Most importantly, a bankruptcy attorney will make sure you follow the law and always act in your best interest.

    Here are just a few of the many responsibilities your attorney will carry out on your behalf:

    • Gathering all the required documents
    • Preparing and filing your bankruptcy petition with the court
    • Drafting a repayment plan or a surrender of property
    • Advocating with the U.S. Trustee, helping you expedite your case
    • Representing you at 341 meetings and other court hearings
    • Helping you reorganize and repay your debts under Chapter 13 bankruptcy protection

    Therefore, it’s critical that you hire a skilled Raleigh bankruptcy attorney to handle your case.

    3. Giving Assets (or Payments) to Family Members or Friends

    You cannot “save” or hide your house or car from your creditors by giving it to a relative, friend, or another person. In fact, both of you can get into serious legal trouble if you do this.

    Remember that bankruptcy allows you to keep your house or car in some circumstances. Attorney Weik will help you maximize exemptions to protect as many of your assets as possible, so do not take matters into your own hands.

    4. Running Up Credit Card Debt or Taking on New Debt

    Some people think, “Since bankruptcy will erase my debts, I might as well go on a shopping spree or take out a car loan!”

    This is 100% wrong.

    The Trustee will scrutinize your spending to make sure you’re not trying to get away with something.

    For example, if you take out a loan or run up your credit cards within 90 days of filing for bankruptcy, the Trustee could decide that you’re acting in bad faith and ask the court to dismiss your case.

    5. Raiding Your 401(k) or IRA Retirement Accounts

    Typically, retirement accounts and pensions are exempt from seizure by creditors – so it makes little sense to raid them just before you file for bankruptcy.

    Doing so can sabotage your entire filing, because it may look like you’re trying to hide assets (or income) from your creditors.

    We strongly recommend consulting with a Weik Bankruptcy Attorney before touching any of your accounts.

    Win Your Bankruptcy Case with Weik Law Office

    As you can see, filing for bankruptcy in Raleigh is a lot more complicated than just filling out a few forms and hoping for the best.

    Attorney Weik will help you file an honest, accurate bankruptcy petition that maximizes your chances of success.

    With a Weik Bankruptcy Attorney by your side, you can rest easy knowing that you’re in expert hands – and knowing that your case will be handled efficiently, ethically, and with the best possible outcome.

    Call Weik Law Office today at 919-845-7721 for a free consultation, and set up a time to speak with one of our friendly professionals.

    Use our online contact form, or call us at 919-845-7877 for more information, or for a FREE consultation