Bankruptcy is a legal process available for people to use when they find themselves in desperate financial situations. While filing for Chapter 7 bankruptcy has consequences, it also has a lot of benefits too; however, you cannot file unless you qualify. You should also know that there are certain things you cannot and should not do before you file, and here are three of these things.
Give Away Your Assets
Chapter 7 bankruptcy has a bad reputation. Of course, it's not a process that anyone undertakes lightly, and it's usually reserved for those people who are seriously in deep debt, and who are already in a dark, stressful place. However, there is life after bankruptcy, and no matter how stressful things get, you will survive, In fact, some people find that filing for Chapter 7 bankruptcy is one of the best things that they could ever do for their finances.