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Paying off a credit card with a small balance before a bankruptcy filing may be advisable for post-bankruptcy credit building. Debtors must list all of their creditors in their bankruptcy schedules (all debts). The Court then notifies these creditors of the bankruptcy filing. If an individual has a credit card with a balance of less…
It is generally not a good idea to put property you own into someone else’s name in the time leading up to a bankruptcy filing. Transferring assets to another individual or entity prior to filing bankruptcy to protect the assets from being taken by a bankruptcy trustee is fraud. In addition to asking the court…
If considering bankruptcy, do not borrow money against your home to pay off or consolidate debt. The homestead exemption laws in Missouri and Kansas both protect some equity in a bankruptcy debtor’s house. As a general rule, incurring additional debt against a home often results in higher payments which may place consumers at risk of losing their…
It is usually not advisable to withdraw or take out a loan against a 401K,IRA or other qualified retirement account to pay off or consolidate debt. Under Missouri and Kansas law, an individual’s interest in their retirement plan such as a 401(k), IRA, or other similar tax-deferred retirement plan is typically protected from creditors in…