DO’s of bankruptcy:

Be honest about every little bit of your financial situation.
Reveal every debt, every asset, any judgements, garnishments, or law suits. Being honest is the only way to get the most out of your bankruptcy, besides, it’s against the law to conceal assets or lie about anything pertaining to your bankruptcy.

Take bankruptcy seriously.
This is your chance to get rid of your debt forever. Bankruptcy is a constitutional right and should be treated as a serious process and you should be diligent as possible to be compliant as possible.

Be organized.
Take time to create a binder to organize all necessary bankruptcy documents. Be diligent to find all financial records and make a copies of each. One copy for your records and one copy for your attorney to file your Chapter 7 or Chapter 13 bankruptcy petition. Collect all required pay stubs and tax records. Organize and label deeds and car notes. Take bankruptcy seriously and come to attorney meetings ready to discuss your records in an organized and orderly way.

Listen to your bankruptcy attorney.
Dean Paolucci, our bankruptcy attorney in Akron and Cleveland, Ohio files bankruptcy petitions and attends 341(a) meeting of creditors with clients daily. He knows how the meeting of creditors is run and knows what to expect. Ask your bankruptcy attorney anything you may not be sure of or anything you’re curious about. Our attorney will give you advice about the best way to go through the meeting of creditors and how your bankruptcy petition will be filed. Listen to the advice, it’s in your best interest.

Research and consider alternatives to bankruptcy.
If you can figure out a way to help you get out of debt without incurring too much of an expense to do so then that may be a better way to go. If you need help exploring bankruptcy alternatives in Akron or Cleveland, Ohio give us a call and we can map out some options according to your financial situation.


DON’Ts of bankruptcy:

Don’t run up your credit card bill or take out a loan right before you file bankruptcy.
This is illegal and may cause your bankruptcy to be dismissed without discharge.

Don’t assume all of your debts will vanish.
Some secure debts and other debts such as student loans are likely to remain after your bankruptcy. See our dischargeable debts section to learn what debts might not be eliminated in your bankruptcy.

Don’t talk to your creditors after you hire an attorney and decide to file bankruptcy.
As your bankruptcy attorney, we will handle all creditor and collection correspondence on your behalf. If a creditor or collection agency does call you, just politely let them know you have retained a bankruptcy attorney and they may not call nor send letters in the mail to you anymore. Give them the name and phone number of Paolucci Law and that should be the end of them calling you.

Don’t assume you cannot keep credit cards that have a zero balance.
If you are in good standing and current with a credit card, it may be a good decision to keep it. You may have to work out a new agreement with the credit card company but we can help you with that. If you decide to keep a credit card after bankruptcy, know that you MUST include it in your bankruptcy petition along with every other debt.