When filing a bankruptcy petition, many people are tempted to hide certain assets or information from their attorney or trustee. This is never a good idea, as failing to make a full disclosure could not only render your case null and void, but result in other legal sanctions as well.
People are sometimes tempted to transfer or “give away” property just before filing a bankruptcy petition. What they may not realize is that bankruptcy trustees scour public records to see if there have been any recent property transfers, and may be tempted to look even deeper into one’s holdings if they discover one that has recently taken place.
When a petitioner is expecting a large sum of money such as a legal settlement or inheritance, they might be tempted to keep this fact under wraps as well. This is also not recommended, as these things have a way of coming to light regardless. In many cases, hiding a potential windfall might cause a judge to dismiss a case, or could result in additional legal fees that are needed to amend the original petition.
The best way to obtain debt relief during bankruptcy proceedings is for petitioners to fully disclose their assets and income whenever they meet with their attorney for the first time. Only when all this information is available can a lawyer be in the best position possible to advise his or her clients.
Basic Benefits of Bankruptcy Filing
Filing for bankruptcy is one of the most complex and stressful endeavors that a person can face. Sometimes, an emergency filing is necessary to stop a garnishment or the seizure of property. Bankruptcy has several potential benefits, including removing liens, stopping foreclosure proceedings, and halting harassment from creditors. It can help you recover from your troubled financial situation and gain the opportunity for a fresh new start.
If you are considering bankruptcy, it is very important to hire a high quality attorney to help guide the way. A bankruptcy attorney can help you decide which chapter to file. They can also discuss all of the ramifications of a bankruptcy filing and what it means for your creditors and your future.
If you live in the Denver area, you should contact our law firm for help. Rolf J. von Merveldt, III is an attorney who has your best interests and financial future at heart. He is an expert in law, and will help you through all of the rules and regulations necessary to successfully file for bankruptcy. Hiring Rolf J. von Merveldt, III will significantly increase your chances for a successful filing.
Contact us today to schedule a consultation. We will discuss every aspect of your financial situation with you and determine the best course to follow. Our attorneys will promptly prepare your case so that you can file as soon as possible.