The following list of do's and don'ts is in a way exhaustive. However the bulk of what is set forth below should be followed if at all possible"
WHAT NOT TO DO:
1. Don't borrow against your pension, 401(K) and or IRA.
2. Don't withhold too much in taxes from your paycheck.
3. Don't take cash advances or balance transfers on credit cards.
4. Don't borrow from family members or friends.
5. Don't co-sign or guaranty loans - especially student loans.
6. Don't pay off secured debt in a lump.
7. Don't make agreements you know you can't keep.
WHAT TO DO:
1. Conserve your ability to pay.
2. Stop automatic payments from accounts.
3. Open a new bank account at a new bank
4. Keep current on secured loans on assets that you want.
5. Make tough decisions about life style.
6. Get tax advice about "forbearance on a debt".
7. Seek an attorney's advice about all law suits.
Contact Us
Contact bankruptcy attorney C. David Ward or Joseph D. Lovelace for a consultation today.
Illini Legal Services is engaged in the private practice of law and is not a public legal aid agency. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
