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Filing for bankruptcy is stressful, and taking the wrong steps can have a long lasting impact. Here are 5 things you must NOT do before filing for bankruptcy:
Although you may have heard that Bankruptcy does not discharge your student loan debt, in some cases, you can present to the court that there is "undue hardship," to continue payment or that the loan is not federally insured, you may be able to get these debts discharged.
You may see that cute little black dress in the window and those shoes and purse, and you think it would go well with that black convertible Mustang that you've been eyeing the past 2 months, Don't DO IT. Any debt incurred within 90 days of filing for bankruptcy will not be dischargeable in bankruptcy.
Bankruptcy is stressful and if you are going through a divorce, it may be even more stressful. DO NOT sign or co-sign on a loan for your spouse. If your name is on the loan, you will be responsible. Except for certain medical and income tax debts, you will not be responsible for your spouse's debts. So think twice before you sign your name.
If you have gambling debt or took a cash advance to pay for your gambling, this debt cannot be included and will not be discharged. However, credit card debt can be dischargeable.
In many cases, a debtors' family member or friend lends them money. Because of the love many debtors feel for their friends and family members, possibly because they see them every day, they attempt to pay them back before filing bankruptcy. DON'T do it. If you do and the Bankruptcy court learns about it, they might possibly go after your friends and family for that money and separate the money between all your creditors.