Before Filing Bankruptcy in Oklahoma there are certain thing to avoid doing. People make snap decisions before filing and those things mean a lot. Falling behind on your bills or facing overwhelming debt can make you feel trapped. No matter how hard you try, you just can’t seem to keep your head above water. In such situations, many people turn to bankruptcy for a financial fresh start. Still, the decision to file for bankruptcy is not one you should make without first educating yourself and preparing for what lies ahead. To give yourself the best chance at securing your financial future, there are some things that you should avoid doing before filing bankruptcy in Oklahoma.
Before Filing Bankruptcy Transfers
Many people that file for bankruptcy fear losing their home, business, or vehicle. Transferring your property to a family member or loved one before you file chapter 7 or chapter 13 in order to avoid losing it may not only derail your bankruptcy case, but it could also be a crime. Fortunately, there are legal ways to protect your property from being liquidated during the bankruptcy process.
Not Consulting With A Lawyer
Bankruptcy is a legal process that can impact your life for many years. While some people are able to successfully file for bankruptcy without an attorney, it is not recommended. Bankruptcy law can be complex, and depending on your individual situation, you may benefit from filing a certain type of bankruptcy over another. Without the guidance and expertise of a trained attorney, you can easily get lost in the sea of bankruptcy rules and provisions and end up making a decision that could cost you dearly.
Maxing Out Credit Cards
Filing for bankruptcy is a restructuring of your finances; it is not a way to avoid paying your debts. If you intentionally run up your credit cards before you file, you could be forced to pay that debt in full. In many cases, any credit card purchases you made 90 days before you file for bankruptcy will not be included in your bankruptcy petition. What this means is that those purchases may not qualify for discharge, and you may be accused of fraudulent borrowing by your creditor.
Not Doing Your Homework
While bankruptcy may be the right move for some people, it may not be best for you. You owe it to yourself to do your research to determine if bankruptcy will give you the best chance at securing your financial future. You can do this by taking an honest look at your financial picture and exploring all the alternatives to bankruptcy. Things like debt consolidation, credit counseling, and budgeting may be a better fit for you than going through the expensive and sometimes lengthy process of bankruptcy. In fact, in order to file your bankruptcy petition, many jurisdictions require that you first prove that you have successfully completed a pre-bankruptcy counseling course.
Oklahoma Bankruptcy Lawyer
Bankruptcy is a complex process, and things like credit card use, asset transfers and other transactions can have major consequences on your eligibility. You’ll need to know what you can and cannot do as you head towards filing so that you can avoid having your bankruptcy denied.. Fortunately, our bankruptcy attorney guide you. If you are dealing with an unmanageable debt situation and are planning on filing for bankruptcy, you should consult with a bankruptcy attorney. With years of experience helping clients resolve financial dilemmas, Kania Law Office knows how to help you resolve your situation. To learn how our bankruptcy lawyers can help you, get in touch with Kania Law Office by calling (918) 743-2233 or by contacting us online.