Pre-Bankruptcy NO NO List!

Don’t do these things before filing for bankruptcy:

• • • Don’t take credit card cash advances.
    • Don’t use credit card convenience checks.
    • Don’t do credit card balance transfers.
    • Don’t purchase luxury items.
    • Don’t repay loans from friends or family members.
    • Don’t sell any assets for below market value.
    • Don’t transfer any assets into someone else’s name.
    • Don’t give away anything you own.
    • Don’t pay your child’s college tuition without first discussing with your attorney.
    • Don’t loan money to anyone.
    • Don’t take money out of retirement plans or 401ks without discussing with your attorney first.
    • Don’t take out a second mortgage.
    • Don’t gamble.
    • Don’t open new credit accounts or loans.
    • Don’t put money in your kids’ bank accounts or college savings plans.
    • Don’t make major financial decisions without talking to your attorney.
    • Don’t get married just before filing (unless this is part of an overall strategy discussed with your attorney.)
    • Don’t buy a new car without first discussing with your bankruptcy attorney.
    • Here’s a surprising one: don’t pay this year’s tax bill without first discussing with your attorney.
    • Don’t forget to tell your attorney if you are expecting a tax refund or inheritance.
    • Don’t charge up your credit cards.