
Pre-Bankruptcy Instructions Raleigh NC: Important Steps Before Filing for Bankruptcy
Pre-Bankruptcy Instructions Raleigh NC – Before making any financial decisions, contact us first! We are here to guide you through the process and help avoid potential complications.
Key Pre-Bankruptcy Instructions:
1. No Selling or Buying
- Avoid selling any property or making large purchases within 90 days before filing for bankruptcy.
- Buying luxury items can put your property at risk of being taken during the bankruptcy process.
2. Avoid Borrowing or Cash Advances
- Don’t borrow more money or use credit cards before filing.
- Taking cash advances can lead to delays or other issues.
3. No Family Repayments Pre-Bankruptcy Instructions
- Don’t repay family members before filing. The trustee may take back the payments made to family.
4. Prioritize Payments
- Make payments on secured debts (like car loans) if you want to keep the property.
- If you can’t pay all your bills, consult us on what debts should be prioritized.
5. Credit Card Usage
- Stop using credit cards immediately. Using credit cards before filing could cause delays.
6. Inheritance and Insurance Pre-Bankruptcy Instructions
- If you expect an inheritance within six months of filing, it could be taken in bankruptcy.
- Whole life insurance policies with non-spousal or non-child beneficiaries could also be at risk.
7. Banking Precautions
- Make sure you owe nothing to your bank, as they may freeze or take money from your account.
8. Vehicle Valuations
- Get the retail value of your vehicle from NADA.com. Each individual can exempt up to $3,500 equity in one vehicle. Sometimes you can use a wild-card exemption on your car and your car could be covered for $8500 in equity.
Need Help With Pre-Bankruptcy Instructions?
Cameron Bankruptcy Law is here to ensure you make the right financial moves before filing bankruptcy with correct pre-bankruptcy Instructions. Following these guidelines will help avoid complications in your case! Reach out to us for more information.
