Bad Things You Shouldn't Do Before Filing Bankruptcy.

The last thing you want to do is make your situation worse when you are in debt and facing bankruptcy. In this video, we discuss some moves you might be considering but absolutely should not do before bankruptcy.
Matt Berkus is a Colorado licensed bankruptcy and student loan relief attorney with 18 years of experience. I offer free phone consultations to residents of Colorado for the purpose of bankruptcy. Click on my websites for additional information and for the phone number to call and schedule.
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[@judypolstra]

AWESOME!!!!! I LOVE your videos.

[@borg386]

But what if you have payed off some credit cards before you even considered filing, and then realized you are just in too deep to continue paying off any more cards?

[@bankruptcybailout]

The issue becomes one of timing (and where you got the money). Generally, if you paid off the credit card more than 90 days before filing the bankruptcy, no one is going to care unless it was a large sum of money or you borrowed money from one creditor to pay the other.

[@borg386]

@bankruptcybailout oh okay, great! I should be good then. I appreciate the quick response. Very impressive! I'm subscribing.

[@RhymesWithCarbon]

How do you handle a gift of money that helped reduce debt but not eliminate it? IE someone who was given money to pay down a debt, but it just wasn't enough to avoid the inevitable bankruptcy. It was more than 90 days before filing, but is a decent sum: $18,000.

[@patrickmelson4745]

So they unwi ded the real estate transfer back. But you are saying they lost their homestead protection? If it was unwound, would it go back to their owniship and thus get the protection?

[@josiahbenson9581]

What if you have a vehicle loan you want to pay off early so you make extra payments prior to filing bankruptcy? My credit union said they would repo my vehicle if I file bankruptcy since I also have a credit card with them. Vehicle is not worth much

[@generalchan5389]

So if I had been giving my wife money every month to help pay for much needed expenses, is that considered to be fraudulent too?

[@bankruptcybailout]

99% of the time, no. Could we come up with a scenario where it might be, probably. However, if we are talking about a normal spousal relationship, then the answer is no.

[@barbaralane-grizzard3632]

I have been living in a trailer park for almost 3 years my rent is 800 I have been paying the lot rent and not and not paying the 300 for the rent a mighty year-and-a-half behind would I be able to clean that back rent on my bankruptcy

[@bankruptcybailout]

I am not following what you are saying. A bankruptcy will eliminate the back rent as a debt your owe, but it won't prevent eviction for having missed that rent.

[@admirpetrovic4273]

Where are you located ? I’m in Northglenn

[@gluckystrong3336]

Is this true?

[@bankruptcybailout]

Umm, yes.

[@dianecelento4974]

I follow you except for if someone transferred something 10 years before the bankruptcy. How could that happen?

[@bankruptcybailout]

The 10-year look period applies specifically to fraudulent transfer of assets. Given the time scale, it is very rare that anyone made such a transaction and have it be fraudulent. For example, let's say the debtor is a general construction contractor. He formed 2 LLC's, when for holding assets the other for operation. He gets sued and forms an 3rd LLC and transfers all the assets from holding LLC to this new LLC. The lawsuit resolves, but the contractor still made a fraudulent transfer (a transfer without receiving fair value to specifically avoid attachment by known claimants). The contractor files bankruptcy 9 years later. The bankruptcy trustee can pursue that 3rd LLC and recover those assets.

[@dianecelento4974]

@@bankruptcybailout So anything fraudulent can be used against you even 10 years prior to the filing of a bankruptcy. Got it! And thank you for the example.

[@ChildofGodforevr]

We are in NJ. No homestead exemption here .

[@seltzerstransport1093]

Man after the 314 meeting they don’t check shit, all they want is the monthly payment they don’t give two shits about you at all. I lived a normal life after the 314 meeting. I’m living proof.

[@bankruptcybailout]

For the most part that is true. After the 341 meeting, it is smooth sailing for most cases.