The most important advice for newbies

[ssdsco]

[fltoo]

If you live in Florida, DO NOT touch your home equity to pay credit cards.
The entire estate is exempt.

[Flamingo]

Don't take money out of your 401K?

By George I think she's got it! :-)

[liz417]

PLAN, PLAN, PLAN your BK....it's worth a little of your time to research because you'll be in it for the long-haul (3-5 years)!

[Cali]

Be honest about everything with your attorney.

[Frogge]

Sort out your cash flow, and look honestly at the BIG PICTURE of your finances to get a true idea of what you can afford --before you jump into a plan. (this is tough )

[pa308]

Be honest on all your filing documents and you will not feel totally stressed out BK is serious business and if you try to hide something, your stress level will soar (and if ya get caught you can go to jail)

[PoorGrammyinBK7]

If you live in Florida, DO NOT touch your home equity to pay credit cards.
The entire estate is exempt.

I second that one!

[rfassett]

Remember to maintain a sense of humor through it all, don't be afraid to laugh in the face of adversity, and know that there is scriptural basis for bankruptcy.

(Help!, I just used one period, does that count as just one? )

[momof5]

Be honest on all your filing documents and you will not feel totally stressed out BK is serious business and if you try to hide something, your stress level will soar (and if ya get caught you can go to jail)

I have to 2nd the honesty thing. I believe that if you go into your 341 with absolute nothing to hide then you are only going to succeed even if a hurdle happens.(in most cases)There are BK laws and as long as you follow the rules to a T you will be given bankruptcy protection. Don't think that you can easily hide assets or just forget to disclose something that you really dont want the trustee to know. There really are way to many ways to find things out about a person. Trustees know this.

Wait to file if there is anything that you are questioning in your mind that you have done.After reading through this forum you'll get an idea of what would be a reason to wait.

Going to your 341, confident is an absolute must.

[downwardspiral]

Don't try to hide things, they'll find it. Be honest.

[Heartburn]

341= do not use 10 words when 3 will do.

I practice this advice everyday, when it comes to my mother in law LOL




My best advice, although I am new to all of this and have not been through the process yet, just the fact that I ADMITTED that I had to do it....I'd say a high percentage of stress fell off me! Living in denial was worse.

I have one hair on my head and I am now hopeful that it will start to grow back

[No Gravy]

If you could say only one thing to someone getting ready to file for BK, what would it be? Only one turn and we all have to keep it short.

This might not apply to someone who's already about to file, but if I could roll back the clock, this is what I wish *I* would have done differently, a year ago:

1. Never take out a credit card cash advance to pay the mortgage, no matter HOW "temporary" you think the loan will be.

1a. When you start robbing Peter credit card, to pay Paul credit card...STOP, and take a good long look at your financial situation, and your options. If the writing in on the wall, stopping the bleeding and cutting your losses my be your best option.

Everyone's situation is different, and we can't always see into the future, but also don't bury your head in the sand to the obvious. Talk to an attorney earlier rather than later. Take advantage of the free first appointment, to get an impartial overview of where you're at.

2. If the writing is on the wall...don't wait (without a good reason) to file. Don't wait until you don't have enough money to pay the attorney's fees. Don't go down with the ship...take the lifeboat and get yourself to shore!

[JollyGG]

This too shall pass.

It is a small window of time in your life and you will reach the other side wiser and more knowledgable.

[AngelinaCatHub]

BK is a business decision, don't take it personal. Also if it isn't green and you cannot fold it, don't use it.