Prebankruptcy Planning

Planning For Bankruptcy

Planning ahead before you file for bankruptcy can help you protect more assets and discharge more debt.

Can you convert nonexempt assets into exempt assets before filing for bankruptcy?

Learn whether it is permissible to convert nonexempt property into exempt assets before bankruptcy.

Bankruptcy and Divorce: Which Comes First?

Filing bankruptcy after divorce has advantages, but filing before is simpler.

Should I Stop Paying Creditors If I'm Going to File for Bankruptcy?

If you are planning on filing for bankruptcy, it might make sense to stop paying certain creditors.

Will Bankruptcy Affect My Ability to Enlist in the Military?

A bankruptcy alone won't preclude enlistment in the military. But negative financial circumstances might. Find out how your prior financial situation might affect your ability to enlist in the military.

Can Bankruptcy Help With IRS Tax Debts?

Bankruptcy can help eliminate older income tax debts and or stretch out payment over three to five years.

Should You File Income Taxes Before or After Bankruptcy?

If you're owed a tax return, you'll want to know whether it is in your best interest to file your taxes before or after bankruptcy.

Can I Buy Household Appliances Before Filing for Bankruptcy?

In general, you should avoid making large purchases prior to filing for bankruptcy.

Bankruptcy for Small Business Owners: An Overview

An introduction to the various options small business owners have to file for bankruptcy protection, and the pros and cons of each.

How Your Business Structure Matters in Bankruptcy

As a business owner considering bankruptcy, the structure of your business - sole proprietorship, partnership, LLC, or corporation - affects the options you have.

Chapter 7 Bankruptcy for a Small Business

Chapter 7 bankruptcy is often a good way for a struggling small business to wind down operations and satisfy creditors.

Chapter 11 Bankruptcy: An Overview

Both individuals and businesses can file for Chapter 11 bankruptcy. Learn more.

Can You File for Divorce and Bankruptcy at the Same Time?

It's usually best not to file for both divorce and bankruptcy at the same time. Here's why.

Should I refinance before or after bankruptcy?

Learn whether it is better to refinance your mortgage before or after bankruptcy.

Should I Cash Out My Savings Account Before Filing for Bankruptcy?

Find out if it's okay to take money out of your bank accounts before you file for bankruptcy. You might be able to protect it using a bankruptcy exemption or spend the funds on necessities of life. Cashing out the savings account funds to hide them from creditors is bankruptcy fraud.

Can I pay back a loan from my family before filing for bankruptcy?

Repaying a loan to a family member right before bankruptcy is a "preference" and the trustee might be able to get the money back using the clawback provision.

Hiding Property & Assets in Bankruptcy

Giving away, hiding, or destroying property before filing for bankruptcy can land you in trouble.

Should I cash out my retirement account before filing for bankruptcy?

Withdrawing money from your retirements accounts before bankruptcy is almost never a good idea. Here's why.

Can I Use my Credit Cards Prior to Filing for Bankruptcy?

If you use your credit cards before bankruptcy, the credit card company might challenge your ability to wipe out the debt.

Should I Buy a Car Before or After Filing for Bankruptcy?

Want to buy a new car, truck, SUV, or other motor vehicle? Find out if you should do it before or after bankruptcy.