Prebankruptcy Planning

Preparing for Bankruptcy: What to Do With Bank Accounts, Automatic Payments, and Utility Deposits

Plan for bankruptcy by moving funds in bank accounts, terminating automatic payments, and preparing for a utility deposit set off.

What Not to Do Before Bankruptcy

Here are some things to avoid before you file for Chapter 7 or Chapter 13 bankruptcy.

Hiding Assets in Bankruptcy

It's never a good idea to hide assets in bankruptcy. Here's why.

Payments Made to Creditors Before Bankruptcy: Can the Trustee Get the Money Back?

An avoidable preference is a payment you make to a creditor prior to bankruptcy that the trustee can get back. Learn more.

Selling Property Before Filing for Bankruptcy

Selling or transferring nonexempt property before you file for bankruptcy can be a risky proposition. Here's why.

Recent Luxury Debts and Cash Advances: Can You Get Rid of Them in Bankruptcy?

If you file for bankruptcy, you might not be able to get rid of recent cash advances or credit card charges for luxury items. For cases filed between April 1, 2019, and March 31, 2022, the presumptive fraud limits are $725 for consumer debts owed to a single creditor for luxury goods or services incurred within 90 days of filing for bankruptcy and $1,000 for consumer credit cash advances obtained by an individual debtor within 70 days before filing for bankruptcy. (11 U.S.C. § 523(a)(2)(C)(i)(l).)