Debtor Laws and complete disclosure in Bankruptcy petition

Once you have decided to file for bankruptcy, you must be truthful about your financial situation in order to take advantage of bankruptcy protections.  While this does not pose a problem for a majority of individuals, it is often unwise for a debtor undergoing a bankruptcy to seek to secrete or hide assets.

When you file bankruptcy, expect that the trustee will perform a thorough investigation of your assets and your financial transactions for a year or more prior to the bankruptcy.  If the trustee determines that you have sold or given away valuable items before filing for bankruptcy protection, this can cause your case to be dismissed.  If this happens, you will have to re-file and may not benefit from the protection afforded by the automatic stay which means that creditors will be free to pursue their collection attempts.  Additionally, debtors who attempt to hide assets may be guilty of fraud, accordingly, it is important to disclose any and all financial activities in your initial petition.

Despite innocent intentions, certain actions may require that you to have to wait in order to file for bankruptcy in order to avoid dismissal.  If you have recently sold or given away valuable property, you may have to wait for a year before you file, which is why it is important that you speak with a reputable bankruptcy attorney if you are considering filing for bankruptcy.  The McCandless Law Firm offers legal advice for anyone who may be considering filing for bankruptcy, contact us today to set up a free, no-obligation case evaluation.

Author: timothymccandless

The Impact—and Your Opportunity As Our Client left the hearing room, he knew this victory was bigger than just The Crossings. Other property owners facing similar issues could now challenge their assessments with greater confidence. The case set a precedent, demonstrating that robust, market-informed evidence could lead to fair property valuations. It had been a battle, but he had proved that the system could be challenged—and that fairness in taxation was worth fighting for. Could You Be Overpaying on Property Taxes? If you own Large apartment complexes or commercial property, you may be paying far more in property taxes than you should. Just like Our Client, you have the right to challenge an unfair assessment and secure the tax savings you deserve. At Lower Property Tax CA, we specialize in helping property owners like you reduce their tax burden. Our expert consultants and appraisal team will analyze your property’s financials, market conditions, and county assessment methodologies to build a strong case for a reduction.We recognize that every client's tax situation is unique. That's why we take the time to understand your specific needs and tailor our services accordingly. You can count on us to provide personalized attention to your tax matters. View all posts by timothymccandless