Jl Martin Law Firm - Avoid Mistakes When Filing Bankruptcy

Law firm in Utah : Bankruptcy is a very serious court proceeding which will affect your life for the next ten years

. Try to get more information about the things which takes place during a bankruptcy, and know about each Chapter of bankruptcy which means for you and your creditors to avoid some of the most common mistakes that take place during these proceedings.

* The Most Common Mistakes in a Bankruptcy Filing

* Failure to disclose all the debts to the court

* Failure to disclose all the forms of income to the court

* Attempting to hide assets

* Failing to attend required credit counseling class

* Missing appointments

When you are searching for a bankruptcy relief, either through a Chapter 7 total liquidation or a Chapter 13 debt restructure, you need to claim all of your outstanding debts, even if they are currently in good standing. You cannot pick and choose which creditors wish to continue paying and which you wish to file against. The court will not accept this type of bankruptcy and creditors will petition the court for relief if it is identified that you have not claimed all of your debts on your bankruptcy request.

When you are filing bankruptcy you will be assigned a counselor by the court. This counselor will review all your debts and your current income levels for determining the type of bankruptcy protection for filing under their guidelines. If you fail to disclose all types of income not only will your request for bankruptcy be declined, but also you face criminal charges for fraud.

In an effort to protect assets, many people will give away valuables such as stock, property, art work or jewelry in an effort for keeping their goods instead of being forced to sell them to pay creditors. It should be noted that the court will research your transactions in the past 5 years prior to your filing to see if any such gifts have been made in order to hide assets.

In 2005 changes to the Bankruptcy Code requires that anyone filing for protection should attend credit counseling. Many people believe and they say they have attended this type of session but they have not undergone. The court will verify that you attended counseling or not.

The court is very strict about compliance with some appointment times and deadlines for paper work submissions. If you miss an appointment or do not have paperwork submitted in a timely manner there will be risk on dismissing the case. If your case is dismissed, you can be denied reapplication for bankruptcy protection for up to 6 months after the dismissal.

For more details about Bankruptcy in utah, visit http://www.jlmartinlaw.com

by: JL Martin

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