Can I Load Up On Debt Just Before The Bankruptcy?

 

Can I load up on debt just before the bankruptcy?
Profile photo for Ruby Norta Gumapac
Ruby Norta Gumapac

The answer is not necessarily. While bankruptcy attorneys are not legally allowed to advise debtors to "load up" on debt, they can advise debtors to prudently incur debt. For example, if a debtor does not have a car, he or she may be unable to get to work and become unemployed. In addition, prudent debt incursion is beneficial to the debtor and all creditors.

Taking on more debt just before filing for bankruptcy should be avoided. Not only is it a violation of the bankruptcy code, but creditors can object to your discharge if they feel that you didn't acquire the debt for necessary purposes. This is called presumptive fraud. Therefore, you should avoid taking on any new debt during the 90-day window before filing for bankruptcy.

If you need an Bankruptcy Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com
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Location: Bountiful, UT 84010, USA

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