Do not liquidate your retirement accounts to pay off debt that can be discharged in bankruptcy. Retirement accounts enjoy broad protections in a bankruptcy so it is not a good idea to cash them out. Do not take out an HELOC to pay off credit card debt that can be discharged in bankruptcy. Remember that credit card debt is unsecured debt meaning it is secured only by your signature, not collateral, a home or a car. If you pay off credit card with a HELOC, you not only risk losing your home if … [Read more...]
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Selling Property Before Filing Bankruptcy
Typically when you purchase a home, car or even jewelry, a lien will be created so that a creditor can repossess the property if you stop making payments or a mortgage lender can foreclose if you do not pay the loan. If you are considering bankruptcy, the bankruptcy code lets you discharge, or release, most debts including car and mortgage loans, furniture and jewelry loans, credit cards and medical bills regardless of a lien. Now what happens if you decide to sell some of your assets to make … [Read more...]
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