What Should You Not Do After Filing Bankruptcy?

Written by: Debt Doctors of Missouri

5 Things You Should Not Do After Filing for Bankruptcy in Missouri

If you are considering filing for bankruptcy, it is important to know what you can and cannot do. Bankruptcy is ultimately a legal proceeding handled in the courts and overseen by a judge. Lying about your assets or trying to hide income could have significant consequences including jail time. If you are uncertain about your rights during bankruptcy, you need to consult with an attorney immediately.

At Debt Doctors, we understand how frustrating it can be to have an overwhelming amount of debt. We work with individuals throughout Missouri who are searching for financial freedom. Bankruptcy can offer a fresh start, but the process can be complicated. If you are considering filing for bankruptcy in Missouri, contact our office at (414) 466-3328 to schedule a free consultation.

Before you file for bankruptcy, consider these five things that you cannot do:

1. You Should Not Lie About Your Assets

It is unlawful to knowingly or intentionally lie about your assets when filing for bankruptcy. It is important and required by law, that you be truthful in your legal paperwork. If it is discovered that you purposefully failed to disclose all of your income or assets, you could face criminal penalties.

2. You Cannot Try to Hide Your Stuff

In addition to not being able to lie about your assets, you can also not attempt to hide your assets. Everything must be disclosed. Failure to disclose assets or income in a bankruptcy proceeding is illegal and may have harsh consequences. Bankruptcy forms are filed under penalty of perjury. Lying on them may be punishable by jail time.

3. You Should Not Take on New Debt

After you file for bankruptcy you should not take on new debt. In most cases, you will have to seek court authorization in order to obtain a loan or acquire new credit. Taking on new debt should be avoided outside of a true emergency. If you do need to take on additional debt, it should be presented for approval to the bankruptcy court. 

4. You Should Not Attempt to Pay Off Creditors

It is not a good idea to attempt to pay off creditors. It may be prohibited if you are choosing to pay some creditors but not others. Before paying anybody, you should speak with an attorney to determine whether it is legal. 

5. You Cannot Transfer Property

It is illegal to transfer property to friends or family in an attempt to shield it from bankruptcy. An attorney can help prevent you from losing assets such as your house and car.

Considering Filing for Bankruptcy in Missouri? Contact Our Office.

If you are considering filing for bankruptcy in Missouri it is in your best interest to discuss your case with an attorney. Do not try to go it alone. Bankruptcy proceedings are complex and should be handled by someone who knows the law. 

Contact our office today at (414) 466-3328 to schedule a free consultation. Get the financial stability you need and get out of the vicious cycle of crushing debt. Call now to get started.

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