Bankruptcy In Utah - Reasons To Be Genuine About Your Assets, While Declaring Bankruptcy

Declaring bankruptcy demands full disclosure of all your property and financial affairs

. Never hide property or assets while declaring bankruptcy. Everyone leaves a trail. Even you. If you think you can HIDE, you are making a BIG MISTAKE. Your bankruptcy papers are signed under penalty of perjury, so you are swearing that everything in them is true. One of the things you are swearing to is that your forms are complete, because the forms ask you to list "all" property, income, and debts. Filing incomplete or inaccurate bankruptcy forms can lead to your case being dismissed -- or worse, if the court thinks you omitted information or made false statements intentionally.

The Bankruptcy law is not supposed to punish those who make one or two honest mistakes. If you accidentally leave something off your papers or misstate something on your forms, you can usually correct your papers or explain the mistake to the trustee. But if you leave out so much that it appears that you were careless, the court can find that your actions demonstrate an indifference to the truth and can dismiss your case on that basis. If you deliberately attempt to hide assets or use a false Social Security number, it will probably come back to haunt you more profoundly than your current debt crisis.

List all the Creditors:

Bankruptcy won't help you if you hide information. If you fail to list creditors, the debts you owe them may not be wiped out by your bankruptcy discharge. So, don't forget to list every person who claims that you owe them money -- even if you dont think you owe them a cent. In such situations, you can indicate that the debt is "disputed." If the debt is already the subject of a pending lawsuit, the debt can be listed as "contingent" -- that is, it depends on how the lawsuit comes out.

Don't omit Creditors, just because you like them,

Some of the Bankrupts consider omitting creditors whom they like -- such as a relative or a friendly local business person -- to avoid having that debt wiped out. This is a bad idea, no matter how honorable your intentions. Bankruptcy law doesn't allow you to play favorites. In fact, a central purpose of bankruptcy is to make sure that all of your creditors get their fair share of what you have, and that certain obligations (like child support) are not shortchanged. If the bankruptcy trustee learns that you've omitted creditors from your list, you'll have to add them, and it will raise suspicion about other statements on your forms.

Include Money you May have Coming to you,

When you list your property on the bankruptcy forms, you shouldn't include only the properties you have when you file, but also property that you may have coming to you. Such as,

An inheritance from a recently deceased relative which you have not yet received

Stock options, trust funds, or tax refunds

Pensions, retirement funds, annuities, and life insurance, and

Judgments from lawsuits you have filed or could file, arising from a personal injury or other matter.

So while declaring bankruptcy, tell the truth, the whole truth and nothing but the truth. The punishment for fraud is serious. Jail time is not unusual for those who try to hide property from the court and get caught. Contact the Bankruptcy Attorneys at CC Brown Law firm to discuss your bankruptcy options.

For more details about http://www.ccbrownlaw.com/

by: CCBrownLaw

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