10 Reasons Not to File for Bankruptcy
Who should not file for bankruptcy? While there are many reasons to file for bankruptcy protection, there are a number of reasons for a person to not file for bankruptcy. The following are examples of some individuals that we have met who should not file for bankruptcy:- A person had taken out credit cards under different social security numbers because his credit was bad under one number and then he intentionally changed his social security number on credit card applications in order to obtain additional credit cards.
- A person charged tens of thousands of dollars of merchandise on his credit cards. He then gave all of the merchandise away to his friend and then came in to file bankruptcy right after giving away all of his merchandise.
- A person who has been accused of intentionally and willfully defrauding many creditors.
- A person transferred his home, his automobile and his possessions to a relative within the previous month and then wanted to immediately file bankruptcy.
- A person who is expecting to incur a large amount of medical expenses in the near future should not file bankruptcy unless he or she has taken out insurance coverage which will provide excellent medical insurance for any future medical expenses that will be incurred.
- A person is inheriting a house without any mortgage as a result of the recent death of a parent. In addition, if you are about to inherit assets worth a substantial amount of money then filing for bankruptcy is not usually a good idea.
- You just borrowed ten thousand dollars on your credit card, immediately gave all the money to your fiance, and then come in next week and want to file for bankruptcy.
- You have a very large income and have no problem completely paying off in full all of your outstanding bills in full in the next three to four months.
- Your only debt is student loan debt, and you have a job and are working. If you have a stable income and have no debts besides student loans, you will find that student loan debt is quite difficult to discharge.
- There are other times in which filing a bankruptcy is not the best move and other approaches may provide you with a much better result. We can advise you as to the right move to make in your specific situation.
The above are all examples of reasons not to file bankruptcy. As your representative, our bankruptcy attorneys will analyze your situation and guide you every step of the way in filing your Chapter 7 or Chapter 13 bankruptcy, or no bankruptcy at all. We make sure you are prepared and that you know what to expect so there are no surprises, and we help you address any issues you may have before or after filing.
The Law Offices of David M. Offen has helped over 12,000 individuals and couples successfully get relief from debts. For your free consultation, you should call our law offices at 215-625-9600
