What You Need to Know Before You File for Bankruptcy

Filing for bankruptcy is like a trip back in time and a crime scene investigation rolled into one. This means that your actions prior to filing bankruptcy can have huge consequences, even if you had the best of intentions.

Filing for bankruptcy is like a trip back in time and a crime scene investigation rolled into one. This means that your actions prior to filing bankruptcy can have huge consequences, even if you had the best of intentions.

Here are five bankruptcy don’ts that you need to know before you file.

Don’t run up balances. Just because your debt is likely to be erased doesn’t mean that all debt is equal. Each creditor will get a chance to go over all the charges on your account after receiving the notice of your bankruptcy. If they believe you ran up your balance, they can challenge your request to have the debt discharged. This means you could walk out of bankruptcy still owing them money.
Don’t pay family debts. You know you are going to file bankruptcy, so you pay back your mom, dad, or uncle that $5,000 you owe them before you file. If you pay back loans to friends or relatives within one year of filing bankruptcy, it may be considered a preferential transfer that can be undone in bankruptcy. The bankruptcy trustee may sue your friend or relative to get back the money that you paid.
Don’t gamble. Gambling with your own money can have a negative impact on your filing. Gambling losses 12 months prior to filing bankruptcy have to be disclosed in your paperwork.
Don’t give away money or stuff. If you have an asset, like a car, jewelry, or family heirloom that is worth a lot of money, you can’t simply give it away to protect it in bankruptcy. It’s illegal to hide or protect assets this way and rest assured the court will find it. A bankruptcy attorney can help you legally protect an asset that would be at risk in bankruptcy.
Don’t wait. Bankruptcy takes time to do right. If you are filing bankruptcy to try and keep your home, your income, or some remaining assets, give yourself and your attorney time to do it right or your case could be dismissed.

Please keep in mind that every case is different, so if you are thinking of filing bankruptcy, and would like to schedule a free consultation, please contact our office by completing the form on this website or calling us at 954-466-0541.

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       If you are considering filling for bankruptcy , this would be the firm to use! Jonathan is very experienced as well as all of his team, Specially Anne ! They made the process very easy and my case was approved due to their help and expertise! I am very grateful to have had them representing me !
  
 
    
   Xime Basa 
 2023-09-28
 
 
 
      I highly recommend LSS Law. No complaints. Jonathan, Ann, and Maria were very professional and clear in all our communications, which makes everything really easy.
  
 
    
   Donald Galindo 
 2023-09-05
 
 
 
      Great service. Friendly and helpful staff. Highly recommend.
  
 
    
   Al La 
 2023-03-29
 
 
 
      Jonathan and Anne were wonderful and I thank you for helping me with my new beginning.
  
 
    
   ADRIANNE SURRENCY 
 2023-03-29
 
 
 
      I had a wonderful experience with Jonathan Leiderman at LSS Law. Not only is he well experienced, but he is also very patient and supportive throughout a tough time. I appreciate that he takes such a hands-on approach where there is no going through office staff and waiting for a reply. He deals with you one-on-one, and he is your single point of contact. He takes time to answer all your questions and takes the time to ensure that you understand every aspect. He is highly communicative and does so in a timely manner.... I always got a response within minutes or hours, at the latest 24 hours. I don't know how he does it all, but I am grateful that I had him to represent me! I highly recommend Jonathan and LSS Law!
  
 
    
   Jewel Nicholson 
 2023-02-16
 
 
 
      Jonathan Leiderman did a phenomenal job representing me and taking on my case.  His knowledge, experience, and diligence quickly became apparent through his work product and the correspondence that he maintained with me.  Furthermore, he was always quick to answer my questions and put my mind at ease during the entire process.  Jonathan and LSS Law will forever have my gratitude and I highly recommend their services to anyone who is in need of them.
  
 
    
   Ali 
 2023-02-06
 
 
 
      I am really greatful to attorney Jonathen Leiderman for patiently working with me through a very stressful period of ambivalence, and then towards resolution of a difficult predicament. His professionalism and empathy were exceptional. I would recomend him to all who need similar services.
  
 
    
   Peter G 
 2022-04-04
 
 
 
      Excellent company to work with providing timely advice and guidance.  Went above and beyond in assisting our company with an out of state bankruptcy issue
  
 
    
   Diane Artioli 
 2021-10-08
 
 
 
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   Kemel Gajraj 
 2021-09-13

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Xime Basa

If you are considering filling for bankruptcy , this would be the firm to use! Jonathan is very experienced as well as all of his team, Specially Anne ! They made the process very easy and my case was approved due to their help and expertise! I am very grateful to have had them representing me !

Donald Galindo

I highly recommend LSS Law. No complaints. Jonathan, Ann, and Maria were very professional and clear in all our communications, which makes everything really easy.

Walter Laramore

Jonathan is quite splendid to deal with and has been an ideal representative for my case. Well prepared, great attention to detail, and very empathetic to my needs. Superior communication skills and gets back with you, anticipating your needs. Worth every penny!

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I had a great experience. Jonathan was very attentive, patient and knowledgeable. I had consulted with a different office before that was subpar and didn't provide all of the options provided by this one. I felt secure and in good hands with the representation.

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Jonathan and Anne were wonderful and I thank you for helping me with my new beginning.

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What You Need to Know Before You File for Bankruptcy

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