Contact your Arlington Bankruptcy Lawyer

In preparing to file personal bankruptcy, whether it is a Chapter 7 or 13, there are certain things you should be aware of. The moment you begin to think of bankruptcy as a serious solution to your economic misery, you should contact your Arlington lawyer immediately.

Under new rules established by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, if a person buys a luxury goods of a considerable sum of money, where significant is defined as any amount over $ 500 within 60 days of filing a bankruptcy petition, he or she will be responsible for paying for the product or products. This includes cash advances and services that exceed $ 500. This is to prevent those who intend to file for bankruptcy and still enjoy the precious last minute purchases. Believe it or not, people will try to 'load up' on things like computers or laptops, televisions, furniture, components to improve a vehicle, clothing, and countless other items that are in no way necessary. Similarly, the practice protects creditors and other entities which can be avoided losses. Bankruptcy lawyer from Arlington, as you choose to represent you should inform you about things like this that can potentially cause an unfavorable outcome or resolution of your bankruptcy.

To have a legitimate claim bankruptcy, your Arlington lawyer must prove that you are in financial difficulties and a recent high ticket item purchases will not do much to help substantiate this claim. Besides not buying the last minute expensive items, avoid last minute car maintenance costs that exceed $ 500. If emergency repairs must be done to your vehicle, you must be willing to pay for repairs because they will not be included in your bankruptcy. Have evidence to support the need for repairs, so your petition is not decreased.