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Is your company going to be filing for bankruptcy in the near future? This is a time that you don't want to make any mistakes with so much at stake. Here are 3 mistakes you should not make before you file.
Skip Paying Your Taxes
It is important that you keep up with paying taxes, even with bankruptcy looming. Chapter 13 bankruptcy will require that you are up to date on all of your taxes, and having unpaid taxes will result in bankruptcy being delayed or even dismissed entirely. Taxes are the one financial obligation you cannot get away from with a bankruptcy.
Invest In Equipment
Looking for a way to get out of the need for bankruptcy? You may be tempted to invest in your business by buying new equipment and putting money into the company. There will be a big problem with his behavior when it comes time to file for bankruptcy.
Creditors that you owe money to may dispute the debt discharge on anything that you purchased close to your bankruptcy filing. The reasoning is that you purchased the items with full knowledge that you wouldn't have to pay the debt back.
You could end up having to pay the bills on any equipment you invested in close to your bankruptcy filing, even if your bankruptcy is successful.
Selectively Pay Back Creditors
Do you owe money to several different creditors? With bankruptcy coming for your business, you may want to ensure that some of your creditors get their money, and you make the mistake of paying back some of your creditors rather than all of them.
The problem with this behavior is that other creditors will look negatively on it. In fact, all that money you ended up paying to selective creditors could be taken back in the form of a clawback lawsuit. In the end, nobody will get the money they are owed, and the creditors you thought you were doing a favor for will have to go through the hassle of going to court and giving the money back.
It is important to be equal when dealing with existing creditors prior to bankruptcy. If you know you will be filing, then do not pay any creditors back rather than only the ones you are able to. It is behavior that can be seen as preferential treatment.
A bankruptcy lawyer, such as Stuart R Whitehair Attorney, can help you avoid making any of these mistakes prior to filing for bankruptcy.
Share19 September 2017
