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Common Bankruptcy Mistakes

Filing a personal bankruptcy is a major decision. Finally owning up to your financial blunders and taking the necessary steps to rectify your situation is big move in the right direction, but only if you do it right. As with any legal decision, and one that involves money, there are a lot of steps involved and if you are not careful it is very easy to make mistakes. Unfortunately, these mistakes can have serious consequences and may put you in an even worse spot then you were before.

At the law offices of Christopher Carrozzella we want you to have all the information you need to successfully file a Ch. 7 or Ch. 13 bankruptcy in Connecticut so we list some of the most common mistakes you need to avoid.

Procrastination: Some of us tend to procrastinate on major events. From waiting until the last minute to study for an exam to starting your Christmas shopping on December 23rd some people just can't help but wait. However, when it comes to filing a bankruptcy, waiting can be very costly. If you postpone your decision to file a Ch. 7 or Ch. 13 bankruptcy is could result in the foreclosure of your home, wage garnishment and the repossession of your car.

Not Disclosing all Assets: When you file a personal bankruptcy you are essentially wiping the slate clean on bad financial decisions. Starting off by not being honest with your lawyer or the court is not a good idea. Whether it's intentional or not, failing to disclose all your assets will come back to haunt you and can result in losing your discharge.

Shifting Money Around: If you decide to file a bankruptcy, rest assured your transactions will be monitored carefully. Trying to give money to family or transferring assets right before you file for a bankruptcy can result in creditors and estates recovering this money and distributing it properly to pay off your debts.

Take bankruptcy as an opportunity to right your financial wrongs. Trying to hide assets and being sneaky with the law and the courts will only make a bad situation worse. Follow the rules and take the right steps so you can bet back on sound financial ground.

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