30 BANKRUPTCY COMMANDMENTS
- Don’t rob Peter to pay Paul. Stop using your credit cards.
- Don’t take cash advances, make balance transfers or use convenience checks.
- Don’t repay debts to family or friends. You may repay them after the case is over.
- Don’t take your name off, or add your name to, any bank or financial account.
- Don’t hide assets or omit debts. The law requires FULL disclosure. No secrets.
- Don’t forget to list all bank, brokerage, and credit union accounts.
- Don’t forget to disclose an expected tax refund, money settlement, or inheritance.
- Don’t omit any business interests, no matter the size or profitability.
- Don’t buy a home shortly before filing without first telling Attorney Buckley.
- Don’t sell, transfer or give away any real or personal property to anyone.
- Don’t repay more than $600 on any past due bill within 90 days of filing bankruptcy (unless paying a secured debt like a car loan or house mortgage).
- Don’t omit disclosing hidden income or tips just because it is “not on the books”.
- Don’t take distributions or borrow money from retirement plans.
- Don’t take out a second mortgage or do a cash-out refinance.
- Don’t gamble. You’re not going to win.
- Don’t file a Chapter 7 bankruptcy if your income is greater than your expenses.
- Don’t take out desperate payday loans.
- Don’t put money in children’s bank accounts or College 529 savings accounts.
- Don’t hide a credit card to use after your bankruptcy is over. It will be shut off.
- Don’t omit friends and family as creditors if you owe them money.
- Don’t write bad checks. Bad faith can make the debt non-dischargeable.
- Don’t borrow money from anyone, even friends and family. The extra “income” may prevent you from qualifying for bankruptcy.
- Don’t forget to tell Attorney Buckley about liens on your home or unpaid judgments, because many can be removed.
- Don’t make major financial decisions without first talking to Attorney Buckley.
- Don’t get married before filing if future spouse’s income may jeopardize your case.
- Don’t tell half-truths. Shoot straight. Honesty saves us both time and money.
- Don’t run up your credit cards in advance of filing bankruptcy.
- Don’t miss any court hearings, trial, or other legal proceedings.
- Don’t keep money in any bank you owe money to. They could freeze your account.
- Don’t hide from Attorney Buckley. Keep him informed of any changes in your case.
