When you are thinking about filing for bankruptcy, you may be extremely worried and do impulsive things like relying extensively on credit. During this time, it is essential that you are careful about everything you buy and all investments you make. Potential creditors could use your actions against you once you enter into the bankruptcy process. Spending money on credit, like making electronic purchases, could be seen as fraudulent or problematic during the litigation process.
Rules of Credit Card Use
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If you are about to file for bankruptcy, if you go and buy lots of merchandise on credit not debit, creditors could accuse you of "loading up." In this case, however, the creditor would have to prove that you have actually committed fraud. According to the Bankruptcy Code, if you go out and purchase more than $500 worth or merchandise from any one credit company, they could deem these purchases "nonessential." Thus, it is recommended that you only use credit cards for the following:
Essential clothing Food items Medical prescriptions
If you have spent more than the prescribed limits on your credit card, it will be up to you to prove that you have not committed fraud. Facing your creditors can be a difficult and frightening prospect as you prepare for bankruptcy. However, the assistance of an experienced bankruptcy lawyer can help you greatly as you look to understand your legal rights and options during this difficult time. You deserve to enter your bankruptcy proceedings as prepared as possible, and help is available for you.
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