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Tips for Bankruptcy Preparation

There are no easy answers to achieving debt relief. Every situation has a different solution. Before you decide to file for bankruptcy, consider your present needs and discuss your goals with a trusted Orange County bankruptcy attorney. Some financial transactions that initially seem innocuous may have severe consequences — you should become generally aware of how the bankruptcy process works to avoid making serious blunders that could later cost you time and money.

Here are some tips you should follow when preparing to file your bankruptcy case:

Provide accurate, complete and honest information

Accuracy is essential in filing out bankruptcy forms. Take the time to gather all of your documents, including income, federal and state taxes, assets and debts. You must not knowingly misrepresent any information you submit in relation to your bankruptcy case. Failure to disclose an asset, source of income or other financial data could leave you subject to criminal prosecution.

File your current income tax returns

Make sure that you have filed your income taxes for at least two years prior to filing bankruptcy. This is essential because your tax returns are the basis for determining your current and past income and your assets. If your tax returns have not been filed, the bankruptcy court can dismiss your case or object to your proposed Chapter 13 plan.

Avoid accumulating new debt

A creditor may object to the discharge of debt that you incurred within 70 to 90 days preceding your bankruptcy. The bankruptcy rules presume fraud when you create loans or other debts within that time frame. A creditor can argue that you did not intend to repay the debt and therefore the court should not permit a discharge.

Filing for bankruptcy does not have to be complicated. Let us help you on your journey to financial freedom. Consult with a seasoned Orange County bankruptcy team from the Fishback Law Corp.

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