Utah Debt Settlement - There Is No Place For Secret While Filing For Bankruptcy

CC Brown Law Office: Deciding to declare bankruptcy

, whether it is Chapter 7, 11, or 13 is a major decision that must not be made lightly. While you decide that you are going to file for bankruptcy, you must be sure that you are willing to defy the negative aspects which it entails as well as the benefits. Part of making this major decision is realizing just how extensive bankruptcy is. While you declare bankruptcy, you should list all of your assets and all of your creditors. If you are deliberately misleading or purposefully hiding property, the consequences can be severe. You should also remember to list every creditor that you owe so that they can obtain some of the money owed them. Failing to do this can also end badly.

List each and every Creditor:

If you hide the informations, bankruptcy can't help you. If you fail to list creditors, the debts you owe them may not be wiped out by your bankruptcy discharge. So, be sure to list every person who claims that you owe them money -- even if you don't think you owe them a cent. In this situation, you can indicate that the debt is "disputed."

Don't Omit the Creditors Just because you like them:

Some debtors 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 never a clever idea, no matter how honorable your intentions. Bankruptcy 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 are not shortchanged.

Include Money you may have Coming to you:

While you include your property on the bankruptcy forms, you are not including your property alone, but also property that you may have coming to you. You may get to keep some or all such properties by claiming it as exempt, but you must list it so that the trustee has a complete picture of all of your finances.

Don't Deliberately hide assets or Other financial details:

If you deliberately fail to disclose property, omit material information about your financial affairs, or use a false Social Security number to hide your identity as a prior filer, and the court discovers your action, your case can be brushed off and you may be prosecuted for fraud. The punishment for fraud is serious: Jail time is not unusual for those who try to hide property from the court and get caught.

The bottom line is that if you purposely try to hide assets and information from the bankruptcy court, you may have a bigger problem to deal with than your original debt. Contact the Bankruptcy Professionals of CC Brown Law for more information on how to have a problem-free bankruptcy case. CC Brown Law Bankruptcy professionals can explain all of your obligations. You will likely get to keep a majority of the property you list through the various exemptions available to you.

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by: CCBrownLaw

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