Things You Should Never Do Before Filing For Bankruptcy - Belt Drive Betty

Filing for bankruptcy can be a complex and overwhelming process, but it's essential to know what you should do before taking the leap. In this article, we'll cover the top things to avoid when filing for bankruptcy in Canada.

Pre-Filing Research: What You Need to Know

Before you start the bankruptcy process, it's crucial to do your research. Here are some things you should know and avoid:

1. Don't file for bankruptcy if: You're still paying off debt from a previous bankruptcy or tax audit.
2. Don't file for bankruptcy if: You have outstanding judgments or liens on your assets.
3. Don't file for bankruptcy if: You're not comfortable with the process and don't want to deal with creditors.

Avoid Common Solicitations: What to Watch Out For

When filing for bankruptcy, it's essential to avoid common solicitations that can confuse you or delay the process. Here are some things to watch out for:

• Don't hire a lawyer without researching their experience with bankruptcy law.
• Don't sign financial documents without reviewing them carefully.
• Don't rely on online resources for comprehensive advice.

Financial Strategies for Bankruptcy Filing

filing for bankruptcy can be a challenging and emotional process. Here are some financial strategies to consider:

1. Don't rely on credit card debt as an excuse.
2. Don't overspend or make impulsive purchases before filing.
3. Don't ignore important expenses, such as rent and utilities.

Closing Thoughts

Filing for bankruptcy can be a daunting process, but with the right knowledge and preparation, you'll be better equipped to handle it. Remember to stay calm, gather your finances, and seek professional advice when needed.