Bankruptcy Mistakes to Avoid In Houston
The actions you take before filing bankruptcy can affect your ability to get a fresh start.
Avoid these mistakes and you’ll have a successfully bankruptcy
- RUNNING UP YOUR CREDIT CARD
Bankruptcy Mistakes to Avoid In Houston Texas. Don’t use your credit card once you decide to file bankruptcy. Charging luxury goods and services over $500.00 within 90 days of filing is presumed fraudulent and you may end up paying these charges back. Cash advances over $ 750.00 within 70 days of filing are also presumed fraudulent and may survive your bankruptcy. Don’t jeopardize your “fresh start’’ by running up your credit cards.
2.REPAYING FAMILY MEMBERS OR FRIENDS:
You cannot treat your family members or friends any better than your other creditors. You cannot repay your family members or friends instead of paying your other creditors. A bankruptcy trustee may be able to take back any money repaid to a family member or friend within one year of filing bankruptcy.
3.LIQUIDATING YOUR RETIREMENT ACCOUNT:
Retirement accounts are generally protected in bankruptcy. You can eliminate your debts AND still keep whatever you have in a retirement account. Many individuals drain their retirement accounts in a futile attempt to pay down credit card debt.
4.TRANSFERING PROPERTY OUT OF YOUR NAME:
A bankruptcy trustee can undo a transfer of property that previously belonged to you. If you make a transfer within four years of the filing of the bankruptcy with intent to hinder, delay or defraud a creditor, or if you simply did not receive a fair price, this property can be brought back into your bankruptcy estate.
5.GETTING AN HOME EQUITY LOAN OR 401K LOAN TO PAY DEBT:
Don’t take a loan against your real estate or retirement account in an effort to pay your debts. You can often file bankruptcy and not lose these valuable assets. If you take out a home equity loan to pay credit card debt, you may be putting your house at risk. If you take out a loan against your 401k to pay credit card debt, that is money you would not have had to pay back and it would still be available for your retirement. Bankruptcy Mistakes to Avoid in Houston are complied by Eric Southward Houston, Texas Bankruptcy Attorney.
Our toll-free telephone number is at 1-866-912-9832. You need to learn about all of your options including information about credit, debt, bill consolidation services and federal bankruptcy law. Please call us at 1-866-912-9832 so that we can discuss your case. You can also visit our web site: www.busby-lee.com. Our attorney fees are reasonable, competitive, and court- approved. It is important that you call us soon. Our office is conveniently located near the Galleria and Highway 59 on Hillcroft between Richmond and Westheimer. Call us toll-free at 1-866-912-9832 for directions to our office.
We provide bankruptcy services in the greater Houston metro area including the cities of Katy, Sugarland, Pearland, Friendswood, Clear Lake and Galveston. We also handle cases from The Woodlands, Spring and Tomball and cases in Baytown and Channelview.
We handle bankruptcy cases in all of these counties: Brazoria, Chambers, Galveston, Matagorda, Austin, Brazos, Colorado, Fayette, Fort Bend, Grimes, Harris, Madison, Montgomery, San Jacinto, Walker, Waller, Wharton
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