Filing for bankruptcy is likely one of the hardest things you will ever have to do in your life. After you have filed for bankruptcy, the record of your bankruptcy will live with you for the next 10 years. Even though you should not be discriminated against just because you have been through bankruptcy, the truth is that your options are sometimes constrained because of your bankruptcy record. Since you cannot control other's perception of you after you have declared bankruptcy, you should try to protect the things under your control, such as your assets. An important aspect of the pre-bankruptcy process is to make sure that you can maximize your assets without having to cede them to the bankruptcy trustee, who in turn auction off the assets to meet the debt obligation. As part of your pre-bankruptcy preparation, you should keep these considerations in mind:
Bankruptcy Lawyer Fees, Orange County Bankruptcy Attorneys, Bankruptcy San Diego,
Do not bestow your assets through legal procedure to someone else
Do not be fooled into thinking that you can sign away your assets prior to your filing. You have committed fraud if you think you can hide your assets from the court by giving the assets away for a short time. Trustee's job is to make sure that the data in the petition is truthful and to spot potential discrepancies in the filing. It is unwise for you to hide your assets from the bankruptcy procedure. While the trustee's job is to determine the accuracy of your documents, the trustee will also try to discover assets that you might be hiding. If that were to happen, you can be labeled as a fraud. Your case can be dismissed in the court of law if you are found liable for committing fraud.
Your assets can be lawfully protected using the bankruptcy exemption rule
Since each state interprets its own bankruptcy exemption rule, therefore the rule can vary drastically from one state to another. Since you will be using the exemption clause in the bankruptcy law to keep your assets pre-bankruptcy and post bankruptcy, your attorney should be well versed on what each state constitutes as bankruptcy exemptions. Talk to your bankruptcy attorney to plan and strategize what should be declared as bankruptcy exemptions. Exempt assets cannot be seized by the court to pay off the creditors. You should try to get as many assets as exempt as you possibly can. Assets such as your retirement fund or car should be sheltered at all cost Unless you are sure of every single state specific bankruptcy regulation, talk to a qualified bankruptcy attorney and preserve your assets.
Make sure that your attorney knows your entire financial history
Just becase you did not list the assets you own, that does not mean that you will be able to keep them. You should certainly divulge everything that you own in the bankruptcy petition. Even if you don't list the assets in the bankruptcy petition, the bankruptcy trustee can seize the assets in question. You do not want your bankruptcy case to be dismissed because you were attempting to hide the one asset.
In summary, do not think it is dishonest for you to keep the assets you have after you have filed for bankruptcy. A qualified lawyer can and should be able to help you keep as much as you are legally entitled to. Finding that right bankruptcy lawyer can help you exit the bankruptcy procedure unscathed. For additional information, please visit ToFileBankrutpcyOrNot.com.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Memphis Bankruptcy Attorneys
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment