Bankruptcy mistakes to avoid. | Wantland Law Wantland Law» Blog Archive » Bankruptcy mistakes to avoid.

Bankruptcy mistakes to avoid.

I see people every day in the Louisville area who are filing chapter 7 and chapter 13. Unfortunately, because of bad advice, because they make bad choices, or sometimes just dumb luck, they make lots of bankruptcy mistakes.

Here are some of the biggest ones and how to avoid them…

10. Tapping the 401(k)- most funds in 401(k) accounts cannot be disturbed in a bankruptcy proceeding. However, money taken out of one can. Also, the huge penalties and taxes associated with a recent 401(k) withdrawal are not dischargeable in bankruptcy. 401(k) loans also create some problems.
9. Cold checks- Some people think writing a cold check is great way to get a fast loan. Besides being a crime, cold check criminal prosecutions are not fixed by a bankruptcy filing. Don’t write cold checks. Bankruptcy can’t fix jail.
8. Using credit right before bankruptcy- obtaining credit or making charges too soon close to the date of your bankruptcy filing creates debts that may not be dischargeable.
7. Not paying child support/alimony- A chapter 13 bankruptcy can be used to get your child support caught up. However, in the mean time you can go to jail for not paying child support. If you have to choose between paying child support or a credit card- pay for your kids.
6. Doing it yourself- presently, there are more than a dozen banned bankruptcy helpers. Is yours one? How do you know? By the way, if you are getting any advice from her, are you ready to come to court to clean up her mistakes? Does she have insurance? Did you know that if you don’t file your bankruptcy documents properly you could lose your home and possessions? Get professional help with your bankruptcy or be prepared to hire professional help to clean up your bankruptcy.
5. The right representation- Does your attorney have malpractice insurance? How long has your attorney been filing bankruptcies? Is the lawyer you meet the same lawyer that goes to court with you? Has your attorney been sanctioned by the Bar? Do you talk to the lawyer about your case or a “legal assistant”? Can the lawyer tell you how your bankruptcy will effect your divorce? There is more to bankruptcy than filing out forms. If something is too good to be true it probably is. Hire a professional, not just a lawyer.
4. The truth- failure to tell your lawyer and thus the bankruptcy court the truth is a crime. Many times, failure to give the lawyer all information creates problems later- that could have been avoided.
3. Getting a judgment- If you don’t pay debt, chances are, you’ll get sued. If you file bankruptcy before a judgment, you don’t have to go throw the time and expense of getting rid of liens. Many times, I can’t get back money that has been garnished. A lot of times, the damage is already done. Filing bankruptcy gets it fixed sooner rather than later.
2. Not filing taxes- besides being a crime, unfilled taxes create a set of problems that could have been fixed but now in bankruptcy. If you owe, you owe, no use in putting it off.
1. Not calling us- as soon as you think you might need to file bankruptcy, get advice from a professional. Like traveling across a jungle- filing bankruptcy requires a guide. Let us help.


Tags: , , , , , , , , , , , , , , ,

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

16 Responses to “Bankruptcy mistakes to avoid.”

  1. bankruptcy protection…

    […]Bankruptcy mistakes to avoid. | Wantland Law[…]…

  2. Heya і’m for the first time here. I came across this board and I find It really useful & it helped me out a lot. I hope to give something back and help others like you aided me.

    Also visit my website: cenaless funciona

  3. Hi there, after reading this amazing paragraph
    i am also delighted to share my knowledge here with

  4. Everything is very open with a precise explanation of the challenges.
    It was truly informative. Your site is very useful.
    Thanks for sharing!

  5. This is my first time visit at here and i am really pleassant to read
    everthing at alone place.

  6. May I just say what a comfort to discover somebody who truly
    knows what they’re discussing on the internet.
    You actually know how to bring an issue to
    light and make it important. More people need to look at this
    and understand this side of the story. I was surprised you’re not more popular because you definitely
    have the gift.

  7. Hi there, You’ve done an excellent job.
    I will certainly digg it and personally suggest to my friends.

    I am sure they’ll be benefited from this website.

  8. What’s up, constantly i used to check web site
    posts here early in the daylight, for the reason that i
    enjoy to learn more and more.

  9. With havin so much written content do you ever run into
    any issues of plagorism or copyright violation? My blog has a lot of completely unique content I’ve
    either created myself or outsourced but it appears a lot of it is popping
    it up all over the web without my permission. Do you know any methods to help reduce content
    from being stolen? I’d genuinely appreciate it.

  10. Hello! Do you know if they make any plugins to safeguard against
    hackers? I’m kinda paranoid about losing everything
    I’ve worked hard on. Any tips?

  11. Today, I went to the beach front with my children. I found a sea
    shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put
    the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear.
    She never wants to go back! LoL I know this is entirely off topic but I
    had to tell someone!

  12. Wonderful goods from you, man. I’ve remember your stuff previous to and you are simply extremely wonderful.
    I really like what you’ve acquired here, really like what you’re saying and the way in which
    by which you assert it. You’re making it enjoyable and you continue to take
    care of to stay it wise. I can’t wait to learn far more from you.
    This is really a tremendous web site.

  13. Hello there! I could have sworn I’ve visited this blog before but after browsing through many of the articles I realized it’s
    new to me. Nonetheless, I’m definitely happy I found it
    and I’ll be book-marking it and checking back frequently!

  14. Hey! I know this is kind of off topic but I was wondering
    if you knew where I could find a captcha plugin for my comment form?
    I’m using the same blog platform as yours and I’m having problems
    finding one? Thanks a lot!

  15. Hmm it appears like your site ate my first comment (it was super long) so I guess I’ll just sum it up
    what I submitted and say, I’m thoroughly enjoying your blog.
    I as well am an aspiring blog blogger but I’m still new to everything.
    Do you have any helpful hints for inexperienced blog writers?
    I’d really appreciate it.


    Bankruptcy mistakes to avoid. | Wantland Law

Leave a Reply


The attorneys of Wantland Law in Shepherdsville, Kentucky, advise and represent individuals and families in bankruptcy cases and debtor-creditor negotiations in Bullitt County, Nelson County, Spencer County, Hardin County, Okolona, Jefferson County, Louisville, and such communities as Mount Washington, Brooks, Lebanon Junction, Bardstown, Taylorsville, Elizabethtown, Radcliff and Fort Knox.

The information on this Louisville kentucky Wantland Law / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. THIS IS AN ADVERTISEMENT.

©2012 by Wantland Law PLLC.