7 Things Not to do Before a Chapter 7 Bankruptcy
You can create many problems or issues in your case by doing simple things. You should seek advice in contemplation of a chapter 7 before engaging in any of these activities.
The 7 Things not to do1. Do Not sell, give away, transfer or dispose of any assets
2. Do Not pay any relative or friends money that you owe them
3. Do Not use any credit cards or other lines of credit
4. Do Not gamble
5. Do Not purchase any luxury items
6. Do Not cash-out or take a loan against any retirement account
7. Do Not refinance any asset or take out a new loan using an existing asset
What SHOULD you do before a chapter 7?The answer is rather simple - consult with a bankruptcy attorney. You can get solid legal advice that will help alleviate headaches in the future.