Tips For Filing Bankruptcy – Things You Must Know Before Filing
Author: Chester Fraizer
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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Bankruptcy: Creditor acquires 1/7th of a property.?
Parents gifted their home equally to each of 7 children. What happens if a creditor acquires a 1/7th ownership in the house after a child files bankruptcy in Wisconsin (assuming that the child is unable to protect that ownership as an exemption)? Can the creditor force the sale of the house with only 1/7th ownership? If the ownership were sold by the trustee, would the fair market value of 1/7th of a house really be 1/7th of the appraised value of it?
Joint Property, Partner wants Bankruptcy w/ a Twist?
Two years ago, me and two others bought a house but left me off the title and loan due to my credit issues.
Now one of the owners need to file bankruptcy. We are prepared to refi one of our loans to pay his portion out.
My concern, is that his portion will be be a third of the equity in the home, however when he goes to court I’m concerned that the bank/creditors will ask why his share was not equitable and demand more money.
He does not want a Homestead exemption, just to cut his losses and move on.
Will the bank question this or is it worrying about nothing?
I have receipts showing my payments on the mortgage even though I’m not on it.
Does anyone know how much a lawyer costs?
Thanks
I’ve been served an order of execution on judgement with no exemptions. What can I do?
I didn’t know I was suppose to submit exemption information on the judgement so I’m being told now from my bankruptcy attorney that the creditor can take anything of value to equal the $3000 I owe. Looking for suggestions or contact information on this matter.
creditor in bankruptcy proceeding. need free legal advice?
I am a secured creditor (secured by inventory) in a chapter 7 bankruptcy proceeding. I am not told that the inventory was sold which happens to conveniently fall under the limits of personal exemption.
A significant amount of Cash money has been recovered by the trustee who now says that I should file amended claim to changed from secured to unsecured because only unsecured claims get paid by the estate.
question: do you think I should change to unsecured?
question: does this mean I don’t have a priority in the distribution that the distribution will be split evenly among all the unsecured claims or does it work on a % basis?
any help would be greatly appreciated.
Chapter 13 Bankruptcy- Can they take your refund?
My husband and I recently filed Chapter 13, and we went last week to the creditor meeting. Nothing was stated about our tax refund, except that we got large ones and that my husband needed to change his exemptions to have more taken from his check. Does anyone know if they can take your refund or if you have to give your refund to your trustee??
everyone involved loses 1/7th
Yes, this is true. Take any monies you have and place them into a savings or 401K ASAP. Anything of value sell it ASAP or they will take it and sell it for monies you couldn’t pay.
That’s why you should never really file bankruptcy.
A lawyer will cost less than what you’re about to lose. In court, they’re going to want his HALF, since there are only two names on title.