(630) 378-2200
·
mhedayat@mha-law.com
·
Mon - Fri 8:00am - 5:00pm
Request a Case Evaluation

13 Tips Before Filing Bankruptcy

Caption Placed Here

13 Tips Before Filing Bankruptcy

  • Red Flags in Bankruptcy Filings
    From the FBI White Collar Crime Division

    1. All creditors must be listed . This includes creditors you intend to pay after the case is filed.
    2. All property must be listed . Failure to do so is a crime – assets not listed can be seized.
    3. Tax refunds must be disclosed . Refunds may have to be turned over to the bankruptcy trustee.
    4. All business information must be listed . If you are self-employed including all of you business debts, assets, and income.
    5. All income must be reported . This includes social security payments, alimony, unemployment compensation, contributions from family and friends, and pension benefits.
    6. Intentionally incurring debt you do not intend to repay can cost the case and may be a crime.
    7. Maintain payments on secured property you wish to keep (car, house, etc.).
    8. If you misrepresent facts or lie on your bankruptcy papers, your case may be denied.
    9. Bankruptcy will stop bill collectors, tax collectors, and lawsuits . The instant the Petition is filed creditors may no longer contact you in any way. This “automatic stay” applies throughout the case and is permanent for all debts discharged at the end of the case.
    10. Bankruptcy will not stop criminal proceedings or government regulatory proceedings.
    11. Bankruptcy will not clear up a credit report . It may be reported on credit reports for 10 years.
    12. Chapter 7 cases cannot be dismissed without Court approval but Chapter 13 cases can be voluntarily dismissed at any time.
    13. Secured creditors may add Attorneys’ fees incurred by them even if you are not behind at the time the bankruptcy is filed. Most mortgages and other loan documents provide that reasonable attorney fees are allowed and will be added to the balance due on a loan.

    In Short

    Bankruptcy crimes are punishable by imprisonment for up to 5 years.

    Bankruptcy crimes include any attempt to do any of the following:

    • Conceal property from the court or the bankruptcy trustee;
    • Knowingly make a false oath or account in order to deceive;
    • Knowingly transfer or conceal property to defraud creditors;
    • Conceal, destroy, mutilate, or falsify records or documents;
    • File or falsify your bankruptcy petition to deceive or defraud.
  • MH+A represents Clients from across the country and around the world with interests in Chicagoland, including Cook, DuPage, Will, Kane, Dekalb, Lake, and Kendall counties among others. We advise Clients in matters including:

    • Collections and defenses to collection
    • Mechanics liens and construction disputes
    • Bankruptcy litigation (debtor or creditor)
    • Breach of fiduciary duty (officers, directors, partners)
    • Interference with business relationships and contracts
    • Non-disclosure and non-competition agreements
    • Fraud (including Consumer Fraud)
    • Other areas

    Of course, legal disputes can have a dramatic impact on the reputation, operation, even the survival, of a business; so we believe our Clients’ resources are best spent avoiding costly litigation in the first place. No wonder, then, that we view legal problems as business dilemmas. From this essential jumping-off point our office works hand-in-hand with Clients to address concerns before they become problems.

  • MH+A represents Clients from across the country and around the world with interests in Chicagoland, including Cook, DuPage, Will, Kane, Dekalb, Lake, and Kendall counties among others. We advise Clients in matters including:

    • Collections and defenses to collection
    • Mechanics liens and construction disputes
    • Bankruptcy litigation (debtor or creditor)
    • Breach of fiduciary duty (officers, directors, partners)
    • Interference with business relationships and contracts
    • Non-disclosure and non-competition agreements
    • Fraud (including Consumer Fraud)
    • Other areas

    Of course, legal disputes can have a dramatic impact on the reputation, operation, even the survival, of a business; so we believe our Clients’ resources are best spent avoiding costly litigation in the first place. No wonder, then, that we view legal problems as business dilemmas. From this essential jumping-off point our office works hand-in-hand with Clients to address concerns before they become problems.

  • MH+A represents Clients from across the country and around the world with interests in Chicagoland, including Cook, DuPage, Will, Kane, Dekalb, Lake, and Kendall counties among others. We advise Clients in matters including:

    • Collections and defenses to collection
    • Mechanics liens and construction disputes
    • Bankruptcy litigation (debtor or creditor)
    • Breach of fiduciary duty (officers, directors, partners)
    • Interference with business relationships and contracts
    • Non-disclosure and non-competition agreements
    • Fraud (including Consumer Fraud)
    • Other areas

    Of course, legal disputes can have a dramatic impact on the reputation, operation, even the survival, of a business; so we believe our Clients’ resources are best spent avoiding costly litigation in the first place. No wonder, then, that we view legal problems as business dilemmas. From this essential jumping-off point our office works hand-in-hand with Clients to address concerns before they become problems.

Let us help you!

If you need any helps, please feel free to contact us. We will get back to you within 1 business day. Or if in hurry, just call us now.

Call : 630.378.2200

Request a Consultation

 

Are you looking for legal help?

Let us help you! Call Now : 630.378.2200

mhedayat@mha-law.com