Five Things to Avoid When Preparing for Bankruptcy

Although most people assume that the bankruptcy process begins when they file their petition with the court, it is important to understand that preparation is crucial to the success of your case. For this reason, our Chicago bankruptcy attorney encourages you to plan ahead as early as 180 days before filing. Not only will this help the process to move along as smoothly as possible, but it is an easy way for you to ensure that your case is not subjected to any unnecessary delays. Fortunately, preparing for bankruptcy is relatively simple; by avoiding five of the most common pitfalls, you can rest easier knowing that debt relief is just around the corner.

As such, we ask you to keep the following tips in mind if you have recently decided to file for bankruptcy in Illinois:

  1. Don't wait too long to enroll in credit counseling – it's mandatory
  2. Don't just pick a chapter to file under – make an informed decision
  3. Don't wait too long to file for bankruptcy – take control today
  4. Don't incur new debts before filing – they may not be discharged
  5. Don't attempt to conceal assets – the court may accuse you of fraud

Each of these points is vitally important to the success of your case, as one simple misstep could jeopardize your chances of finding relief from your debt. For this reason, the legal team at Joseph P. Doyle encourages you to make smart choices in the time leading up to your bankruptcy. When you turn to our firm for help, we would be more than happy to walk you through the process, educate you on the do's and don'ts of preparing for bankruptcy and assist you in filing your petition with the court. Just give us a call today at (312) 957-8077 for a free initial consultation or submit a complimentary case evaluation form online. For more information about some of the most common pre-filing mistakes, you can also visit our related page by clicking here.