The holidays are almost upon us, and that means—if you haven’t already—it’s time to start thinking about the gifts we want to give to our loved ones (and speculate about what we might receive). While showing your love and seeing the love others have for you in the form of gifts is always a good thing, there are some personal bankruptcy tips you should know if you’re in the process of filing for bankruptcy.

Are you filing for bankruptcy and looking for some bankruptcy tips? Here are a few things to avoid this holiday season:

Moving Assets

When you’ve filed for bankruptcy, you want to keep your assets where they are—in your possession. While you might have sold off some of your property to help pay down some of your debt in the past, once you’ve filed the paperwork, you really should avoid selling or gifting any assets. In other words, if your daughter is about to turn 16 and you’re thinking of giving her your car as a gift over the holidays, think again—it can seem like you’re trying to decrease your worth to limit your liability.

Taking on New Debt

Never, ever, ever take on new debt when after you file for bankruptcy. Around the holidays it can be tempting to put some gifts you buy for your family on a credit card. Doing so can adversely affect your case.

Receiving Substantial Assets

The problem with receiving assets after filing for bankruptcy is that once you take them, you may not be bankrupt. If you know that you are about to receive any assets in the near future, such as from a lawsuit settlement or payment from a loan you made to someone, don’t file for bankruptcy just yet. You may be able to pay off your debt on your own.

Get in Touch for More Personal Bankruptcy Tips

Are you considering filing for bankruptcy? Want more personal bankruptcy tips? Call us for a free consultation. 305-441-9530