BK Do's vs. Bk Don'ts

[RLOPE]

As I've come to realize that filing BK is something I need to make happen in my life, I'm serious about getting it RIGHT.

Can anybody share from experience some DOs and Don'ts about the process to ensure a trustee doesn't reem us for having done something wrong?

[IBroke]

Don'ts:

- Freaking out (it's obvious but many people still do)

DOs:

- Reading threads on bkforum

I know, they aren't very specific but every case is different in the first place.

[drowning123]

First, it depends if you're going for a 7 or a 13, but generally:

DON'Ts

Don't pay creditors at least 3 months before you file.
Don't earn too much 6 months before you file.
Don't consult with one attorney.
Don't hesitate to file if you can't sleep at night.
Don't make any big purchases within 6 months before you file.
Don't move out of your house if you own one and are letting it go. Wait until you get notice that it will be foreclosed. This way you can save up some money from all the mortgage you didn't pay.
Don't stop living like you normally do. Keep paying your utilities. Keep buying what you normally buy at the supermarket.


DO's

Do read as much as you can here.

[keepinitreal]

Do read "How to File for Chapter 7 Bankruptcy" or "Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time" by Stephen Elias
Do schedule free consultations with bankruptcy attorneys

Don't pay unsecured debts if you're going to file Chapter 7 bankruptcy in the next 6 months
Don't give bill collectors your checking account number for any reason

[jetsfan2010]

I think Drowning hit it on the head. I did a few of the DONT's on there, and wish I had joined here and read up before I recently filed. Alot of great resources on this forum!

[2011]

First, it depends if you're going for a 7 or a 13, but generally:

DON'Ts

Don't pay creditors at least 3 months before you file.

in thinking about credit repair post BK I paid a few ( that I researched about & am confident wont close my acct) to zero... they had relatively small balances... I had been paying 75% of my car note... stopped the direct deposit for that just this week...
Should I wait another 90 days before filing then??? and if so, in order to avoid repossession, should I start paying my car note again??

[Flamingo]

Do realize that you may be required to produce more than just six months worth of financial information to your attorney/trustee before filing. That is all not cut and dry - we had to provide one year. The best thing to do is to get an initial consultation from a BK attorney to find out exactly where you stand in the state in which you reside and take with you a listing of all your monthly payments, amounts owed, sources of all income, recent paystubs and copies of your state and federal tax returns. Best of luck to you.

[debee]

in thinking about credit repair post BK I paid a few ( that I researched about & am confident wont close my acct) to zero... they had relatively small balances... I had been paying 75% of my car note... stopped the direct deposit for that just this week...
Should I wait another 90 days before filing then??? and if so, in order to avoid repossession, should I start paying my car note again??

Just curious, 2011. Which cards did you pay? I've heard other people say they also paid on all their cards right up to the point of filing because they didn't want the mess on their credit report. If you want to keep your car, it's best to get caught up before you file. You may be required to sign a reaffirmation agreement depending on the lender.

[RLOPE]

First, it depends if you're going for a 7 or a 13, but generally:

DON'Ts

Don't pay creditors at least 3 months before you file.
Don't earn too much 6 months before you file.
Don't consult with one attorney.
Don't hesitate to file if you can't sleep at night.
Don't make any big purchases within 6 months before you file.
Don't move out of your house if you own one and are letting it go. Wait until you get notice that it will be foreclosed. This way you can save up some money from all the mortgage you didn't pay.
Don't stop living like you normally do. Keep paying your utilities. Keep buying what you normally buy at the supermarket.


DO's

Do read as much as you can here.

Drowning123 - when you say don't make any big purchases within 6 months before filing, how much $$$ are we talking? ? A couple hundred dollars, or thousands?

[frogger]

The best advice I could give you is to be honest with your filing. Nothing wrong with planning, but a lot wrong with not being truthful.

[2011]

Just curious, 2011. Which cards did you pay? I've heard other people say they also paid on all their cards right up to the point of filing because they didn't want the mess on their credit report. If you want to keep your car, it's best to get caught up before you file. You may be required to sign a reaffirmation agreement depending on the lender.

I paid Macys, Nordstrom and a credit Union CC... I plan to reaffirm my car... I have an appointment with an attorney Friday but am sure I will pay the past due amount on my car note on Friday as well

[debee]

I paid Macys, Nordstrom and a credit Union CC... I plan to reaffirm my car... I have an appointment with an attorney Friday but am sure I will pay the past due amount on my car note on Friday as well

I hope you will keep the rest of us posted as you go though the process. It would be useful to others (who are interested in credit rebuilding) to know how the card issuer respond. I hope you sail right through with all three.

[2011]

I hope you will keep the rest of us posted as you go though the process. It would be useful to others (who are interested in credit rebuilding) to know how the card issuer respond. I hope you sail right through with all three.

I know Macy's doesnt generally close if you have no balance with them...
Nordstrom & the other CC is an iffy situation but worth the risk since it was very little money.... I was told if there is a zero balance, I do not have to list them as a creditor.... and they dont generally check BK filings unless being notified as creditor....the only creditor guaranteed to check filings regardless is Amex... so whether you owe them money or not, they will close your account.

[drowning123]

Drowning123 - when you say don't make any big purchases within 6 months before filing, how much $$$ are we talking? ? A couple hundred dollars, or thousands?

I'm talking about $500 plus.

[drowning123]

Another DO is to open a new checking and savings account if the need arises.