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Photo of attorneys Shelley Slafkes and Bruce Levitt
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Chapter 7 & Chapter 13: What is Bankruptcy Pre-Planning?

On Behalf of | Sep 1, 2017 | Bankruptcy Basics, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy

Like millions of others before you in the US, you may have decided to file bankruptcy due to an overwhelming amount of debt. You probably never expected to be in such a position, but life is full of surprises and unfortunately, they are not always good when it comes to finances. If you have been struggling with a torrent of medical bills after a car accident, the loss of your job, a difficult divorce, or maybe even all these events in the past few years, filing for bankruptcy may be the best solution.

Consult with Your Attorney in the Pre-Planning Process

The first step is to reach out to an experienced bankruptcy law firm like Levitt & Slafkes, P.C.. In doing so, you may discover that some pre-planning is in order before you go on to file for either Chapter 7 or Chapter 13. Pre-planning is well worth the trouble, helping you understand your options, preserve assets, and avoid any actions that could potentially be considered fraudulent.

Because there are certain timeframes involved in bankruptcy regarding spending, you must be very careful. After reviewing your finances and consulting with you regarding your needs and current plans, your attorney will be able to guide you accordingly. They may even suggest that you wait to file.

Pre-Planning Should Be a Responsible Process

Pre-planning should be a responsible and honest process. This is not meant to offer a way for debtors to pull the wool over the eyes of the trustee-and attempting to do so is a very bad idea. What should be considered are legitimate issues in bankruptcy, as well as any plans you have had for a while that will need to be discussed with your attorney. Pre-planning should involve discussion of:

· Any recent or planned upcoming ‘luxury’ expenditures, especially those paid for with credit

· Any upcoming needs such as a new car or property

· Your financial institution’s policies regarding bankruptcy

· Transferring of any properties or other assets

Be very careful about any spending once you know you are planning to file. Not only should you worry about purchases and credit-card charges, but also any cash advances. Keep in mind that the bankruptcy court and the trustee are very experienced, and are quick to identify debtors who may be trying to take advantage of the system.

Contact Us for Help Now

The experienced attorneys at Levitt & Slafkes, P.C. can answer all your questions regarding bankruptcy issues. Contact us today so one of our attorneys can evaluate your case and discuss the best options available to you. We are here to help! Call us at 973-323-2953, or contact us online to schedule a consultation at no cost.