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Advice from an El Paso Bankruptcy Lawyer

By: Kacy Suther

In my many years of practicing law in El Paso, bankruptcy filers have done a number of things to affect the results of their cases, and ultimately, the extent to which they obtained relief. Thinking about filing for bankruptcy as a debt solution? It is a process that, if run smoothly, can work highly in your favor, taking a tremendous burden off your shoulders. But if you make poor decisions at or around the time you plan to file, you could jeopardize your case. Here are some things you shouldn't do if you want to make the most out of bankruptcy.

-Don't file for bankruptcy if you're getting a tax refund, which is limited for exemption. For more information about your specific case, call an El Paso bankruptcy lawyer (assuming you live in the area).

-Don't leave any creditors out when you file. If you leave out a creditor, you won't be relieved of their debt. Sure, you can pay them off at another time, but why risk getting your hands tied again later?

-Don't get crazy with the credit cards. Purchases and cash advances made within a few months of filing bankruptcy will be thought to have been made under fraudulent pretenses. Sometimes credit card companies will even look back at purchases made throughout a year and claim fraud on the major ones.

-Don't get a home equity loan. When it comes to credit card debt and debt on a home, credit cards are hands-down the lesser of the two evils. Your house is not a cash machine. If you can't pay credit card companies back, they just harass you. If you can't pay off a lien on your home, you'll lose it. Any El Paso foreclosure attorney will suggest that you file bankruptcy instead.

-Don't use your retirement money, you're gonna want that later! Don't use it now to pay off unsecured debt. If your debt is such that you're willing to break into your retirement fund, it would be much wiser to file bankruptcy.

-Don't miss your hearing! Your case could be dismissed if you don't show, and you'll likely only have one hearing.

-Do NOT let your home go into foreclosure. Even though credit card companies and medical debt collectors relentlessly harass you, it is not worth losing your home. File for bankruptcy. If you qualify, unsecured debt could be waived, or at least reduced. And don't wait until your home goes into foreclosure to file!

-Don't have a lot of money in the bank the day you file. Anything larger than a nominal sum may not be exempt. Take the money out now and put it back a few days after you file your case.

Written by Kacy Suther. El Paso bankruptcy lawyers Watson & Maynez specialize in bankruptcy law. Texas residents can find their El Paso bankruptcy attorney or El Paso foreclosure attorney at bankruptcy4elpaso.com .

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