Many people who are facing serious debt problems try to exhaust all of their options before contacting an experienced bankruptcy lawyer. They deplete their assets, sell their business and cash out their 401 in an effort to pay bills. But many retirement accounts are protected by bankruptcy laws, for example. It is tragic, but we have seen many people who have been depleting their 401(k) accounts only to find out that they could have kept that security even after bankruptcy.
Timing in Bankruptcy
As soon as you realize you are in financial trouble, call us. Timing in bankruptcy is so important, and the best way to avoid costly errors is to work with an experienced Arizona bankruptcy team. Our bankruptcy attorneys, paralegals and support staff all share our firm's commitment to helping our clients find debt-relief solutions that are personally tailored to each client's unique needs.
What You Don't Know Can Hurt You
If you are facing the possibility of bankruptcy and are considering getting divorced, giving money away, paying back your debts or depleting your savings and retirement accounts, STOP. Contact us first.
One of the most important components to making bankruptcy work is timing. We tell our clients that the three most important things that they should never do if they are considering bankruptcy are:
- Do not get divorced: There are pros and cons to filing before or after initiating divorce proceedings.
- Do not transfer assets: Some people, when they finally decide that they are going to file for Chapter 7 or Chapter 13, give away everything they have in the hopes that it will then be out of their creditors' reach. This is a bad idea.
- Do not settle debts: Many of the debts you are carrying could actually be exempt from bankruptcy proceedings, and many of the assets you might liquidate to pay these debts might be exempt from bankruptcy.
There are many scenarios that you may not realize are ripe with the potential for costly mistakes.
Contact Our Arizona Bankruptcy Law Firm
Don't make the same mistake that far too many people have made. Call us before you deplete your assets — possibly unnecessarily. We offer a free initial consultation, so you can talk to an attorney and get a sense for your financial rights and options. Call 480-820-3600 in Phoenix, 520-298-3300 in Tucson, 888-634-0000 toll-free, or contact us online to schedule your free initial consultation.
