Utah Foreclosure Defense - Bankruptcy Audits: No Need To Panic

Utah legal advice: Bankruptcy audit is definitely not something which you want to experience

. Most people who find themselves in a position where they need to file bankruptcy are not very familiar with the process. You may be bombarded with information from a variety of sources. Some of this information may be correct, but some of it may be misleading. Your Bankruptcy attorney is your most reliable source of information concerning bankruptcy law. They will help to make sure your paperwork is done correctly and help you avoid any potential problems. Most people who rely on an experienced attorney easily proceed through the audit and successfully complete the bankruptcy process.

While many bankruptcy bound individuals might recoil at the idea of setting themselves up for a second potential audit, it is important not to panic or consider this possible evaluation as a deterrent to heading down the road of removing or reducing your debts through bankruptcy. In actuality, the chances of an audit are extremely low; and, if you are audited, your liability is easily minimized by maintaining as much transparency as possible during the bankruptcy process; and by not willfully withholding important details about your particular bankruptcy case.

Speaking to the former point of the unlikelihood of a bankruptcy audit, its very important to know that there are much fewer bankruptcy audits than IRS audits. In essence, approximately half of bankruptcy audits are randomly selected from the pool of bankruptcy filings in a given year. The remaining 50 percent receive an audit as a result of a red flag or irregularity in a bankruptcy case, leading the bankruptcy court to clarify a case and determine that the information provided is honest and accurate.

So what happens if you roll the dice and do receive a bankruptcy audit? In the unlikely event you are tapped for a bankruptcy audit, you and your attorney will be notified within 10 days of filing your bankruptcy petition. As a result, if your bankruptcy filing has already occurred some weeks, months or years ago, you are in the clear and need not worry about an audit at all.

However, if you do receive a notice of selection for an audit, a private audit firm is hired to assess your case. This independent firm will explore your bankruptcy, analyzing the debts, assets, income and expenses in your particular bankruptcy filing, including a comprehensive search of any additional assets not listed in your initial filing. Once your case has been evaluated, the results are distributed to the relevant bankruptcy court.

The bankruptcy experts at CC Brown Law offer a totally FREE debt consultation and now, more than ever, its time to take them up on their offer. Just call toll free to 801-265-8500, or during the office hours,

For more details about CC Brown Law Office

by: CCBrownLaw

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