Put an end to Automatic Payments
It’s common today for people to set up automatic withdrawals from their bank accounts to pay credit cards or other installment loans. Once you file for bankruptcy, these creditors should stop automatically collecting on these accounts. Unfortunately, sometimes creditors ignore this guideline and take the money anyway. Make sure you cancel these automatic payments so you don’t have these charges.
Move Money Around
If you have an auto loan or make payments to a financial institution for a credit card, it’s a good idea to move your funds from this bank to another institution. Your Thousand Oaks bankruptcy attorney may recommend this because it will help eliminate the possibility of your bank using your money to pay down these debts.
Stop Paying Credit Card Bills
It may sound crazy, but once you’re ready to file for bankruptcy, you shouldn’t have to pay on unsecured debt such as credit cards. You can consult your attorney if you have questions about this, but part of your bankruptcy should eliminate the need to repay this debt anyway.
Stop Taking Loans
When you file bankruptcy, your telling the court you can’t pay back your debts. Going out and getting more credit cards or loans won’t look good for your cause and may even get you into some legal trouble.
Filing for bankruptcy is a significant decision. If you take these effective steps and work closely with your Thousand Oaks bankruptcy attorney, you can get on the road to financial recovery.