Tips For Filing Bankruptcy – Things You Must Know Before Filing

Tips For Filing Bankruptcy Things You Must Know Before Filing

Bankruptcy is no laughing matter, it should be addressed in all seriousness. This is a legal process and you have sworn and signed on legal documents that everything is true. You are basically reminded every steps of the bankruptcy process is conducted truthfully and without leaving out any details about your financial status. When you are filing the bankruptcy documents, do not leave out any detail on information such as debt, income, assets and names of creditors. If you file incomplete or inaccurate information, your bankruptcy case can be dismissed, or worse, you can be fined or jailed for committing bankruptcy fraud.

Make sure you have disclose every single asset you own

If you deliberately hide assets or anything of monetary value during your bankruptcy filing, and if the bankruptcy court finds evidence of it, your bankruptcy petition can be dismissed. There is a chance tha tthe bankruptcy court can fine you, put you in jail for not disclosing pertinent information.

Disclose every creditor that you owe money to

Even if you have a personal relationship with the creditor, list it in the bankruptcy documents. If the bankruptcy courts find out about it, the court might get suspicious of the validity of all the other facts inside your bankruptcy documents.

If you expect to come into some money

In your bankruptcy documents, you should disclose any income that you have, and this includes money from inheritance, tax refund, or law suit settlement. Don't worry that these will be taken away from you because the bankruptcy law provides a lot of exemptions, which means you will be able to keep them after the bankruptcy discharge.

You need to list every creditor in the bankruptcy documents

You don't want to take the chance to miss out on having a debt discharged because you forgot to list down the creditor. If there is a debt that you cannot remember, just write down the creditor's name. You always have the option to change the status of the debt during the bankruptcy process.

If you have inadvertently left out something in your bankruptcy petition documents, it can be corrected during your 341 meeting with the trustee. You will not be filing bankruptcy over and over again, so use it wisely. Get rid of the debt and give yourself a chance to start new financially. Nothing in the law says that you cannot keep the a particular debt after the bankruptcy filing. It is better to be safe than sorry.

To get more information on bankruptcy, please visit us at tofilebankruptcyornot.com

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