What to Consider Before Filing for Bankruptcy in Illinois
The bankruptcy process suffers from myriad rumors, myths and misinformation. When people rely on family or friends for advice about filing for bankruptcy, they often find that they have been misinformed, and may have made critical mistakes.
To avoid making these mistakes, speak with a bankruptcy lawyer before you take any action. We can review your financial situation and ensure that you take the right steps prior to filing bankruptcy. To schedule a free consultation, please call The Law Offices of Chad M. Hayward, P.C., at 312-867-3640 or contact us online.
Follow These Guidelines Before You File
If you are considering bankruptcy, there are some steps you can take before you file to make the process go more smoothly. In the weeks before you file:
- Do not take cash advances on credit cards
- Do not increase your spending on credit cards
- Do not purchase luxury items
- Do not get rid of your assets or transfer real estate titles to family members
- Do not stop paying loans for items you plan to keep
- Do not borrow money
- Do not attempt to hide money or other assets
- Do not take money from your retirement accounts
Doing these things may subject you to penalties, disqualify you from filing for a period of time, deplete your accounts or further damage your finances. If you have questions about what to do before you file, discuss them with an attorney to ensure you are in the best position to file.
Chicago Chapter 7 Bankruptcy Law Firm
Reach us to schedule an appointment at any one of our local community offices by calling 312-867-3640.