Do's and Don'ts of Bankruptcy Filing in Cincinnati, Ohio
If you play by the rules, bankruptcy can help you through a financially stressful period. Some people, however, are not informed about the bankruptcy process, or try to gain an unfair advantage over their creditors. Prior to filing for bankruptcy, there are steps you should take and steps you should definitely avoid. We are the law firm of Minnillo & Jenkins, CO. LPA. We have helped thousands of people file for bankruptcy. A large part of what we do is dissuading people of certain bankruptcy myths. If you follow these prescriptions, you will maximize your debt relief.
Do's in Bankruptcy
- Find out the fair market value of home and vehicle: If you own a home or car, it is good to know how much these assets are worth. If you have more than one mortgage or lien on your home, we may be able to assist you in removing the second or subsequent mortgage through bankruptcy.
- Take inventory of what you own: In Chapter 7 bankruptcy, your nonexempt assets can be sold, or liquidated, to pay your creditors. Therefore, before you file bankruptcy, it is a good idea to understand the nature of your assets in order to determine whether or not these assets will be subject to liquidation in Chapter 7.
Don'ts in Bankruptcy:
- Don't transfer property or try to otherwise "hide" assets: If you think you can shelter a property by transferring ownership to a relative or friend and filing bankruptcy, you are sorely mistaken. In fact, you will very likely be worse off if you try this tactic. The bankruptcy trustee will have the right to obtain the property and sell it to pay your creditors. To make matters worse, you will not even receive a discharge of your other debts.
- Don't run up credit cards immediately prior to filing bankruptcy: Running up charges or taking out cash advances on your credit cards and filing bankruptcy is another terrible idea. In fact, depending on the nature of your charges and when you file bankruptcy, you could be charged with fraud. In any event, it is highly unlikely you will receive a discharge of your debts.
In short, playing games with the system is dangerous. At Minnillo & Jenkins, our attorneys fully understand how the bankruptcy laws apply to your situation and will keep you away from any of these pitfalls.
Contact the Cincinnati Bankruptcy Lawyers of Minnillo & Jenkins
Our law firm also maintains offices in Columbus and Dayton. We offer a free initial consultation and are available on weekends or evenings if necessary. To get started, call our Cincinnati office at 513-723-1600, our Dayton office at 937-550-1030, our Columbus office at 614-500-4755, or e-mail us.
We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
