Prebankruptcy Planning Overview
Prebankruptcy Planning Overview
-
Bankruptcy and Divorce: Which Comes First?
Filing for bankruptcy after divorce has advantages, but filing before is simpler. Learn about the benefits of filing for bankruptcy before a divorce, such as discharging mutual debts, as well as potential pitfalls to watch for.
For Small Business Owners
For Small Business Owners
-
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.
-
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. Small business owners can also file a personal Chapter 7 bankruptcy after the company closes to get out from under business debt.
-
Chapter 11 Bankruptcy: An Overview
Both individuals and businesses can file for Chapter 11 bankruptcy. Learn more.
Common Questions
Common Questions
-
Should I Refinance Before or After Bankruptcy?
Discover your options if you are considering bankruptcy but would like to refinance your mortgage and lower your rate, including whether it's best to refinance before or after bankruptcy.
-
Should I Cash Out My Savings Account Before Filing for Bankruptcy?
Learn when you can take money out of your bank accounts before you file for bankruptcy and what you can use the funds for without running afoul of the bankruptcy trustee. To keep savings account funds in bankruptcy, you must be able to protect the balance with a bankruptcy exemption. Cashing out the savings account funds and hiding them from creditors is bankruptcy fraud.
-
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 retirement accounts before bankruptcy is rarely a good idea, especially if you plan to use the funds to pay debts you can erase in bankruptcy. In many instances, you can protect retirement accounts from creditors in bankruptcy.
-
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?
If you don't have transportation and are worried about securing a car, truck, or other vehicle afterward, you might want to consider buying a car before filing for bankruptcy. Learn about vehicle issues that commonly arise before and after bankruptcy.
-
Should I Stop Paying Creditors If I'm Going to File for Bankruptcy?
If you plan on filing for bankruptcy, there's no need to waste money on debts that will be erased in your case. Find out which creditors you can stop paying, such as credit card balances, medical bills, and personal loans, and which you might want to continue paying to prevent losing your home or car or fall behind on support obligations.
-
Can I Buy Household Appliances Before Filing for Bankruptcy?
In general, you should avoid making large purchases prior to filing for bankruptcy.