BankruptcyDon’t Make These Costly Mistakes While Filing for Bankruptcy

June 1, 20200

Filing for bankruptcy is a serious decision that might help you get out of your financial obligations. When you file for bankruptcy, you should do this without any errors as any omission or mistakes in your documentation might lead to complications, delays, and other possible consequences. 


While making any error won’t send you to jail, it will definitely affect your case, one way or another. Therefore, hiring a bankruptcy attorney is of great importance. Try to avoid these mistakes when filing for bankruptcy.


Not being completely honest about your assets or creditors


One thing to remember is to always be completely honest with your statements. If you leave out income or assets on purpose so that you can qualify for bankruptcy, your case will get dismissed by the court. 


Moreover, you might also get banned from filing bankruptcy ever again. Remember that a bankruptcy trustee will eventually gain access to all of your financial records and this means that your dishonesty will most likely get caught.


Also, you shouldn’t try to conceal any of your creditors for the simple reason that credit card companies have computerized and centralized information. All bankruptcy settlements legally require you to include all of your creditors even when there isn’t any immediate agreement that they will get paid. 

hiring a bankruptcy attorney

If you hire an experienced bankruptcy lawyer, you avoid this issue that might delay your bankruptcy proceedings. You won’t have to worry about honesty, especially when you have all of the facts you need.


Finding excuses to delay the process


A lot of people find excuses to make this decision. However, filing for bankruptcy is a serious matter in your life, so it’s imperative never to postpone something as important as this. When you procrastinate your decision to file for bankruptcy, your debts exponentially increase when you don’t pay them off. 


Any unpaid bills you have incurred eventually become collection accounts that later get deducted from your salary. Explore your bankruptcy options once you realize that you can’t afford to pay off your debts.


Not consulting with a bankruptcy attorney


Bankruptcy laws are too complex for an average consumer to comprehend. Therefore, you need to hire a bankruptcy attorney in California who has familiarity with the subtleties that you might potentially miss if you try filing for bankruptcy on your own. 


For instance, if you have a child working part-time who still lives with you, thus, making this child your dependent, their income must get counted toward your total household income. A lawyer knows the ways to protect any of your assets that might be at risk. 


You might think that you can file the bankruptcy case yourself, especially during this DIY era. But do you really want to take the risk? It’s a fact that only 5% of people who represent themselves in court succeeded in filing for bankruptcy. But, with a great lawyer, they will help you determine which type of bankruptcy is best for you.


Consult now to learn more about bankruptcy

An experienced lawyer will ask the right questions while providing you with sound advice to ensure that your petition papers are in good order before filing. If you need such a lawyer, reach out to us at The Larkin Law Firm. Call us at (877) 256-3946 today for a free consultation or visit our office.

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The Larkin Law Firm is a debt relief agency. In addition to other debt relief services provided, we help individuals and businesses file for bankruptcy protection under the Bankruptcy Code.

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