Questions In Bankruptcy

If you are considering bankruptcy you probably have a million questions on your mind. What will happen to my assets? Is my credit going to be affected? While these are important questions to review with your bankruptcy attorney, there are also questions that they will need you to answer in order to ensure the best outcome of your case.

Answer This

Your bankruptcy attorney is the first stop of your pursuit in the bankruptcy process. They will be conducting a thorough review of your financial situation and helping you to understand your options. One of the first things they will need to know is, have you tried other measures for debt relief? If you haven't at least considered or attempted other forms of debt relief, it may be important to consider them first. However, if you are facing foreclosure, repossession or wage garnishment troubles, be sure to inform your attorney as they may have you skip to the next step of the process.

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The next line of questioning you will face is related to your finances. The bankruptcy petition requires that you list all of your debts, assets, income, fund accounts and sources of worth. This document is used to give the court an idea of your overall financial situation and need for bankruptcy protection. It isn't uncommon for people to be tempted into lying or misrepresenting their finances in order to gain an edge. It is very important that you are completely open and honest with your attorney about the information going on your petition. Attempts to hide information can be viewed as fraudulent, leading to serious consequences.

Similarly, your attorney will need to know if there have been any significant changes to your financial information in the months leading up to your filing. Have you gained or lost employment? Did you accumulate more than $750 in debt in the last six months? Have you liquidated any fund accounts or assets? This information is important because it may determine whether you are eligible to file right away, or are better served to wait until a later time. Bankruptcy laws require that changes such as these not occur within the 180 days prior to filing, in order to minimize any suspicion of fraud. If you are granted eligibility to file these debts could be disqualified from your case.

Communication Is Key

It is crucial for the outcome of your case that you remain in open contact with your attorney, assigned Trustee and the court. If there are any changes that arise during your case, be sure to report them right away. Further, feel free to ask your attorney questions along the way. They are your guide through the debt relief process.

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