Top 12 Mistakes People Make Before They File Bankruptcy- What Not to Do Before You File Bankruptcy

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Издатель Jul 20, 2026

Most bankruptcy problems are not caused by filing bankruptcy. They are caused by decisions people make before they file.

In this video, Georgia bankruptcy attorney Lorena Saedi explains the most common and costly bankruptcy mistakes she sees, including:

✅ Waiting until the day before a foreclosure or repossession
✅ Ignoring lawsuit papers and garnishment notices
✅ Cashing out a 401(k), IRA, or pension
✅ Transferring a car, house, or other property to family
✅ Repaying relatives before filing bankruptcy
✅ Using credit cards when bankruptcy is already being considered
✅ Failing to disclose assets, income, tax refunds, lawsuits, or cryptocurrency
✅ Borrowing against a home to pay credit card debt
✅ Relying on a debt settlement company without understanding the risks
✅ Choosing Chapter 7 or Chapter 13 based on someone else’s case
✅ Failing to file tax returns
✅ Ignoring responsibilities after the bankruptcy case is filed

Many of these decisions can create trustee issues, expose family members to recovery actions, reduce available exemptions, or make a bankruptcy case more complicated than necessary.

Before transferring property, withdrawing retirement funds, paying relatives, selling assets, taking out a home equity loan, or making other major financial decisions, speak with a qualified bankruptcy attorney.

Chapter 7 and Chapter 13 bankruptcy are very different. The correct option depends on your income, property, debts, mortgage arrears, vehicle loans, taxes, and long-term financial goals.