Common Bankruptcy Mistakes to Avoid by Attorney Robert Peters, a Jacksonville Bankruptcy Specialist. http://www.restartyourlifejax.com When filing for bankruptcy in Jacksonville, these are some bankruptcy mistakes you should know before you file. (1) Waiting too long to file can leave you worse off then if you had filed when you first thought about it. (2) Do not take a 2nd mortgage on your home to pay off your unsecured debt. It is not wise to risk you home for the benefit of unsecured creditors. (3) In Florida your IRA, 401k and other tax qualified plans are exempt assets - you can file and keep that retirement savings. (4) The exemptions for income tax refunds are limited, and an untimely filing could jeopardize your refund. (5) Reaffirming debt through bankruptcy will make it difficult for you to recover financially. (6) List ALL creditors when you file even if you intend to repay the creditor. (7) You must tell your attorney if you have taken cash advances, made balance transfers, or any large purchases within the past 3 months. (8) Repaying loans to family members or insiders within 1 year of filing should be avoided. The trustee can sue your family members to recover sums paid to them within the past year. (9) Giving away money or transferring assets to family members will not protect the assets from the bankruptcy trustee. The trustee may sue your family members to reverse such transfers. (10) Any notice or letter you receive either from the bankruptcy court or your attorney is important. Failure to respond may have adverse consequences.
Learn more about bankruptcy and download a free bankruptcy book at http://restartyourlifejax.com/free-book/
Robert Peters' number one advice is to "Go see somebody, and get a plan. Hope is not lost, unless you don't do anything at all." Get a free copy of Attorney Robert Peters book "Myths, Secrets and the Truth About Bankruptcy in Florida"
For more information and a free, no-obligation initial consultation, contact Robert at either of his NE Florida locations, Jacksonville at (904) 421-6907 or Fernandina Beach/Amelia Island at (904) 491-1083
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