Russell DeMott, a bankruptcy lawyer in South Carolina, has written a good article for the many folks who can’t decide if they want or need to file a bankruptcy case or not. It’s good reading for anyone on the fence in Massachusetts or New Hampshire as well, as these issues are national in scope.
Among attorney DeMotts red-flags: paying credit cards off with retirement accounts or home equity loans, taking or paying loans from relatives, living off of cash advances, staying in an “underwater” home, and transferring property to relatives.
These all have bankruptcy consequences, and its better to know what they are by talking it over with a bankruptcy attorney before they sink you!
By Doug Beaton