{"id":411,"date":"2009-10-01T09:54:29","date_gmt":"2009-10-01T09:54:29","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=411"},"modified":"2018-11-28T08:58:17","modified_gmt":"2018-11-28T08:58:17","slug":"bankruptcy-mistakes-dont-do-these-things-before-you-file-for-bankruptcy-in-new-york","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/bankruptcy-mistakes-dont-do-these-things-before-you-file-for-bankruptcy-in-new-york\/","title":{"rendered":"Bankruptcy Mistakes:  Don&#8217;t do these things before you file for bankruptcy in New York"},"content":{"rendered":"<p><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-full wp-image-413\" title=\"GiftMoney\" src=\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2009\/10\/giftmoney.jpg\" alt=\"GiftMoney\" width=\"269\" height=\"184\" srcset=\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2009\/10\/giftmoney.jpg 475w, https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2009\/10\/giftmoney-300x205.jpg 300w\" sizes=\"(max-width: 269px) 100vw, 269px\" \/>Bankruptcy is often a counter-intuitive process.\u00a0 Some things that seem innocuous or insignificant may be anything but.\u00a0 In particular, there are some common mistakes that people make in perfectly good faith.\u00a0 If you&#8217;re thinking of filing for bankruptcy in New York, here are a few things to be aware of.<\/p>\n<p><strong>1. <\/strong><strong>Don&#8217;t withdraw your retirement money.<\/strong> It&#8217;s natural to think you&#8217;re going to need more cash on hand if you&#8217;re getting ready to file for bankruptcy.\u00a0 However, retirement plans such as IRAs and your 401(k) are actually protected from creditors.\u00a0 That is, unless you take the cash out, in which case it becomes part of the debtor&#8217;s estate.\u00a0 Additionally, you&#8217;ll have to pay taxes on the money you take out.\u00a0 In other words, the government meant what it said when it told you to put the money away for retirement.<\/p>\n<p><strong>2.\u00a0 Don&#8217;t disregard lawsuits against you.<\/strong> If you&#8217;re familiar with the automatic stay, then maybe you&#8217;re thinking that you&#8217;ll be protected from lawsuits in the same way you&#8217;re protected against creditors.\u00a0 However, while creditors are limited primarily to threatening phone calls, lawsuits can have serious consequences that can be implemented before you file.\u00a0 As a result, make sure you (or your lawyer) respond to any legal filings against you.<\/p>\n<p><strong>3.\u00a0 Don&#8217;t try to re-pay family and friends in anticipation of your bankruptcy filing.<\/strong> A trustee in a bankruptcy case can reach back <span style=\"text-decoration: underline;\">one year<\/span> prior to your bankruptcy filing and undo any such transfers or transactions.\u00a0 This is intended to prevent debtors from favoring some creditors over other creditrs by transferring assets to a third party and then claiming they have nothing left.\u00a0 Of course, if you&#8217;re unaware of this concept, it might seem perfectly reasonable and morally just to pay back a sibling who helped you out during a rough patch.<\/p>\n<p><strong>4.\u00a0 Don&#8217;t hide the ball from your lawyer.<\/strong> Always be honest with your lawyer about your assets and your transactions.\u00a0 Your lawyer is on your side.\u00a0 Yes, it can feel awkward or even embarrassing to have to disclose certain details.\u00a0 But remember it&#8217;s your lawyer&#8217;s job to make sure you get the full benefit of the bankruptcy laws.\u00a0 And they can&#8217;t do that unless they have all the information available.\u00a0 On top of that, if it comes to light during the case or even after your discharge that you&#8217;ve withheld information or hid assets, you&#8217;ll not only lose the assets you hid, but the entire discharge can be undone.\u00a0 This means all past bankruptcy protections are removed and creditors can once again come at you full force.<\/p>\n<p>Of course, the most important step in all of this is to make sure you&#8217;re working with a knowledgeable, experienced and trustworthy bankruptcy lawyer.\u00a0 A good <a href=\"https:\/\/nybankruptcy.net\/main\/\" target=\"_blank\" rel=\"noopener\">bankruptcy attorney Brooklyn NY<\/a> will help you successfully navigate the bankruptcy process and help ensure that you avoid all of the potential pitfalls.<\/p>\n<p>Please feel free to <a href=\"http:\/\/www.nybankruptcy.net\/main\/contact\/\" target=\"_blank\" rel=\"noopener\">contact me<\/a> for more information and for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankruptcy is often a counter-intuitive process.\u00a0 Some things that seem innocuous or insignificant may be anything but.\u00a0 In particular, there are some common mistakes that people make in perfectly good faith.\u00a0 If you&#8217;re thinking of filing for bankruptcy in New York, here are a few things to be aware of. 1. Don&#8217;t withdraw your retirement &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/bankruptcy-mistakes-dont-do-these-things-before-you-file-for-bankruptcy-in-new-york\/\"> <span class=\"screen-reader-text\">Bankruptcy Mistakes:  Don&#8217;t do these things before you file for bankruptcy in New York<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"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":[16,26,22,7,58],"tags":[73,2,21,29,30,90,51,52,57,59,91,37,38],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Don&#039;t do these things before you file for bankruptcy in New York<\/title>\n<meta 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