{"id":10347,"date":"2019-09-06T16:13:09","date_gmt":"2019-09-06T16:13:09","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=10347"},"modified":"2019-09-12T16:32:31","modified_gmt":"2019-09-12T16:32:31","slug":"pre-bankruptcy-planning","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/pre-bankruptcy-planning\/","title":{"rendered":"Pre-Bankruptcy Planning"},"content":{"rendered":"

Pre-bankruptcy planning might be the most important thing you do if you plan on filing bankruptcy<\/a>.\u00a0 So make sure you’re working with an experienced New York debt relief attorney.<\/p>\n

Pre-bankruptcy planning DOES NOT mean that you run up a big debt on your credit card right before you file for bankruptcy with the idea that you won’t have to pay it off anyway once you file.\u00a0 That will be viewed by the court and trustee as an abuse of the bankruptcy process.\u00a0 And that will seriously hurt your chances of getting a discharge (plus leave you responsible for the debt you just racked up).<\/p>\n

An experienced New York debt relief attorney will help you figure out how to protect, organize and characterize your assets.\u00a0 For example, if you make an annual contribution to an IRA or retirement account, you are still allowed to do that.\u00a0 And on the topic of retirement accounts, IRAs, 401(k)s and other retirement accounts are exempt from creditors.\u00a0 So if you’re planning on filing for bankruptcy, DO NOT take money out of your IRA if you don’t need to.\u00a0 That’s the equivalent of giving money away that you don’t need to.<\/p>\n

Other pre-bankruptcy planning strategies may involve using your liquid assets (i.e., cash) to pay off non-dischargeable debts such as taxes (though of course any decision to do this needs to be carefully weighed against other factors).\u00a0 Or using your money in ways designed to take better advantage of the homestead exemption or, in some cases the wildcard exemption.<\/p>\n

An experienced New York debt relief attorney can also help you convert non-exempt assets to exempt assets before filing.\u00a0 However, this must be done correctly or it can jeopardize your case when you file.<\/p>\n

If you have more questions about pre-bankruptcy planning, please contact\u00a0fair debt collection practices act<\/a>\u00a0attorney Bruce Weiner for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pre-bankruptcy planning might be the most important thing you do if you plan on filing bankruptcy.\u00a0 So make sure you’re working with an experienced New York debt relief attorney. Pre-bankruptcy planning DOES NOT mean that you run up a big debt on your credit card right before you file for bankruptcy with the idea that …<\/p>\n

Pre-Bankruptcy Planning<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,22],"tags":[2,21,30,32,54,51,52,35],"acf":[],"yoast_head":"\nPre-Bankruptcy Planning<\/title>\n<meta name=\"description\" content=\"Pre-bankruptcy planning might be the most important thing you do if you plan on filing bankruptcy.\u00a0 So make sure you're working 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