Bankruptcy Dos and Don'ts

King of Prussia Personal Bankruptcy Lawyer

Bankruptcy can be a real life saver. It will put an end to creditor harassment, pending lawsuits, eviction proceedings, and foreclosures. To ensure that the process goes as smoothly as possible, there are a couple of things that you should keep in mind before and after bankruptcy.

The attorneys at Bello, Reilley and McGrory PC have several years of experience operating within the bankruptcy system. For questions, contact our King of Prussia personal bankruptcy attorneys.

Philadelphia, Pennsylvania Bankruptcy Planning Attorney Advising on What You Shouldn't Do Before or During Bankruptcy Proceedings

There are several things that you should not do prior to filing for bankruptcy or during bankruptcy proceedings, especially not before speaking to an experienced bankruptcy attorney. Do not:

  • Transfer any assets
  • Repay a loan to a family member in anticipation in bankruptcy
  • Pay your credit card bills instead of your mortgage
  • Allow a creditor to obtain a default judgment against you — consult your attorney as soon as you receive the claim

Taking any of these actions may cause major complications during the course of a bankruptcy. For example, if you repay money owed to a relative instead of a creditor during the priority period, your relative may have to return the payment to a bankruptcy trustee.

What You Should Do

Everyone has the ability to monitor and obtain one free credit report per year from each of the three main credit agencies: TransUnion, Experion, and Spherion. Monitoring your credit, particularly in times of financial difficulty, allows you to prevent your situation from becoming worse.

You should also contact a skilled bankruptcy attorney at Bello, Reilley and McGrory PC as soon as possible to discuss your options.

Montgomery County Chapter 7 and 13 Law Firm

To speak with one of our experienced Philadelphia, Pennsylvania bankruptcy planning lawyers, please contact us by email or call 610-992-1300 to schedule a free consultation.