Top Chapter 7 & 13 Bankruptcy Attorney Tony Thompson Discusses Big Mistakes People Make Before Filing – Los Angeles, CA
Oct 1, 2020
Leading bankruptcy attorney Tony Thompson, founding partner at Thompson Law in Los Angeles, CA, outlines critical steps to take before declaring bankruptcy. For more information please visit https://lawtl.com
Los Angeles, CA, United States - September 30, 2020 /MM-REB/ —
In a recent interview, leading bankruptcy attorney Tony Thompson, founding partner at Thompson Law in Los Angeles, CA, explained what not to do before declaring bankruptcy.
For more information please visit https://lawtl.com
When asked for a comment, Thompson said, “Going through the process of filing for bankruptcy and securing a bankruptcy discharge can be a complicated process. For this reason, it’s important to know the major don’ts before declaring bankruptcy.”
He was quick to add that many of his clients have unknowingly done things that have hurt their bankruptcy case. One such thing is transferring assets. In most instances assets remain protected provided they are not transferred.
When asked to elaborate, Thompson said, “Many people are under the false assumption that transferring funds or titles into someone else’s name will help shield those assets from creditors. However, this couldn’t be further from the truth. The bankruptcy court will be able to undo the transfer for the purpose of liquidating the asset to repay creditors. In most instances if the assets were not transferred, then they would be protected from creditors and will not be liquidated".
Some of these types of transfers, according to Thompson, include changing a car title to a family member’s name, adding or removing someone from a deed, changing the name on bank accounts, moving bank account funds to someone else’s account.
Another thing that Thompson always advises his clients who are on the brink of declaring bankruptcy is to avoid using credit cards.
"Using credit cards before filing for bankruptcy may prevent you from securing a bankruptcy discharge. It’s vital that my clients know they should completely stop using their credit cards,” he said.
Following this, Thompson also tells his clients that they should avoid making unusual deposits into their bank accounts.
When asked what was considered unusual, Thompson said, "Basically, I tell my clients that they should be able to account for the money they are about to deposit. Regular deposits include money that you can easily prove is yours, such as salaries made by an employer or payments made directly to you."
“Under no circumstances should you put someone else’s money in your account as a favor to someone else or use your personal account for business transactions,” he continued.
According to Thompson, people who have made the above mistakes can still file for bankruptcy – however any transfer of assets and unusual deposits need to be avoided.
“The bankruptcy court will only look at certain types of transfer and actions within a specific time frame before the filing date.
Being aware of these periods helps my clients have a smoother bankruptcy process,” he added.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Tony Thompson
Email: Send Email
Organization: Thompson Law
Address: 1055 W. 7TH STREET 33RD FLOOR LOS ANGELES, CA 90017
Phone: 213-221-4030
Website: https://lawtl.com
Source: MM-REB
Release ID: 88977379
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