Top Bankruptcy Attorney Law Firm Reveal Costly Mistakes To Avoid If You’re Thinking Of Going Bankrupt – East Meadow, NY

Bankruptcy attorneys Kamini Fox and Neil Ackerman, partners at Ackerman Fox, LLP in East Meadow, NY, explain the key things to stay clear of if you’re thinking of filing for bankruptcy. For more information please visit http://ackermanfox.com

East Meadow, NY, United States – January 29, 2019 /MM-REB/ —

In a recent interview, top bankruptcy attorneys Kamini Fox and Neil Ackerman, partners at Ackerman Fox, LLP in East Meadow, NY, revealed costly mistakes to avoid if you’re thinking of filing for bankruptcy.

For more information please visit http://ackermanfox.com

When asked to comment, Kamini Fox said, “Many people in debt are understandably overwhelmed and uncertain about common pitfalls to avoid before filing for bankruptcy.”

One prevalent error made by many, according to Fox, is maxing out their credit cards before the bankruptcy file date.

“Putting expenses on a credit card before going bankrupt is something that most creditors can and will easily pick up on. If they flag your account for suspicious spending, lenders could apply bankruptcy court to challenge your application and to get you to pay back that debt.”

“You should stop using your credit cards the moment you decide to declare bankruptcy. Avoid getting into any more debt before filing, such as taking money out against a home equity line,” he said

Another common mistake made by filers is being dishonest to the bankruptcy court about their current financial picture.

When asked to elaborate, Ackerman commented, “Before filing, some people attempt to hide or transfer their property or money to someone else to increase the odds of a successful bankruptcy.”

According to Ackerman, this often works against the filer as the Bankruptcy Court will often get to the bottom of it.

“Being dishonest or misrepresenting your assets in Bankruptcy is a serious offense, and anyone caught doing it could face a fine and up to five years in prison,” Ackerman added.

One of the costliest mistakes many people in debt make is to represent themselves in Bankruptcy Court.

“Bankruptcy law in the US is complex and requires a seasoned Bankruptcy attorney to navigate the landscape.” Ackerman commented.

Another common pitfall made by people in debt is to use money from an IRA. pension, retirement or 401k plan to pay off debt.

“What many people fail to realize is that most creditors are not allowed to execute on assets in most retirement accounts to collect on any unpaid debt,” Fox said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Neil Ackerman and Kamini Fox
Organization: Ackerman Fox, LLP
Address: 90 Merrick Ave #400, East Meadow, NY 11554, USA
Phone: 516-493-9920
Website: http://ackermanfox.com

Source: MM-REB

Release ID: 477031