Without question the number one mistake people make with bankruptcy is waiting too long. No one especially those who have been responsible bill paying citizens their entire life wants to file bankruptcy. Creating opportunity for creditors to take further action only complicates your issues. I have personally made this mistake. You know if you are in financial difficulty, avoiding the inevitable prolongs the misery.
Securing a second mortgage in hopes of relieving your financial strain is usually not a good idea. Remember you have only transferred your debt to a second mortgage; you’re still on the hook for the balance and not being able to repay those loans can result in you losing your home. I have made this mistake as well.
It is ill advised to deplete your retirement accounts, 401 k plans and other retirement t vehicles to pay your debts. These resources are protected assets in bankruptcy court in Florida. I have not made this mistake. These funds may be available to you after the bankruptcy is complete to help you restore some measure of normalcy to your life of you and your family.
Finally, not listing all your debts. A creditor you forgot to list on your bankruptcy petition may not be discharged. Check you list over and over and make sure they all are included. Remember this is your opportunity to start fresh. You don’t want notices filling your mailbox or voice mail with forgotten creditors requests.
The process of filing bankruptcy is complex and laborious. Follow the advice of your bankruptcy lawyer closely. You will be requested to do some things that are just uncomfortable. They will rub against your very pride and nature. You need not be embarrassed or feel miserable during the process. Walk the steps one by one never losing focus of the finish line. A fresh start. You can be assured the first time you tell a creditor you have retained a Florida Bankruptcy lawyer for the purpose of filing bankruptcy , you feel like you have been released from jail
Posted by: admin
Categories: