The North Carolina Bankruptcy Information Blog

When you’re drowning in debt, and dodging your creditors, you may feel stuck—forced to eliminate your financial trappings as soon as possible and by any means necessary. But, in the process of dispensing with debt through the benefits of bankruptcy, it’s vital that you deal with that debt deliberately and follow certain rules pre-filing in order to assure that your financial future is as fruitful as possible.

Remember, making poor decisions before bankruptcy may prevent you from getting debt relief. As such, it’s always best to avoid the following pre-bankruptcy:

Transferring assets to someone else.
When you’re filing for bankruptcy, you may feel inclined to transfer assets, either to make yourself look like a better (more desperate) candidate with fewer assets or to try to hold onto property that might otherwise be placed in what’s called the “bankruptcy estate.” The short answer is: don’t.…

Foreclosures have become a plague across the country, sickening the economies of small towns, the general contractor industry and even the commercial real estate industry. No facet of the real estate world has gone unaffected.

Whether your home was foreclosed upon or your mortgage lender granted you a short sale (negotiated permission to sell your home for less than what is owed), it was probably considered a tremendous relief to drop the proverbial financial anchor tied around your neck.

However, thousands of Americans once in the same boat are now finding that the tide is again rising around them, as banks and lenders are coming back months later for the remainder of what is owed on the home.…