Your Neighbor or Friend Is Not a Bankruptcy Expert
Your neighbor or your friend are not bankruptcy experts. When you are facing a possible bankruptcy, do not rely on the advice of people who have no knowledge or experience in this area. If your friend says pull the money out of your 401(k) so that the Trustee does not take your 401(k), do not listen. Your 401(k) is safe as long as you leave it just as it is.
If your cousin tells you to quitclaim deed your house to him to that you do not lose your house in bankruptcy, do not do this. A transfer of your house for less than market value will endanger your house not protect it. If you are afraid the Trustee will take the $6,000 you have in the bank, do not give it to family for money that you owe them. Had you left it in the bank you likely could protect it using your bankruptcy exemption, but by paying off family members the Trustee will go after your family members for the money.
None of these things bad things have to happen. Come have a free consultation with a bankruptcy attorney with twelve years of experience in these matters so that you can know your rights and intelligently navigate the bankruptcy process without any nasty surprises.
The above information is a general overview and is not intended to be used as legal advice. If you are considering filing for bankruptcy, the best thing to do is call our office at 248-557-3645 and schedule a free consultation so you can receive advice which is tailored to your specific circumstances.
By: Michael Benkstein, Esq.
Managing Attorney, Bankruptcy Department
The Law Offices of Joumana Kayrouz, PLLC
1000 Town Center
Southfield, MI 48075