Your bankruptcy counsel is your initial point of contact during the bankruptcy procedure. They will conduct a comprehensive analysis of your financial situation and assist you in understanding your options. One of the first things they will want to know is whether you've tried other debt relief options. If you haven't at least considered or tried other debt relief options, it may be essential to do so first. However, if you are facing foreclosure, repossession, or wage garnishment issues, you should inform your attorney as he or she may have you move ahead to the next phase of the procedure.
The next line of questioning will pertain to your financial situation. You must identify all of your debts, assets, income, fund accounts, and sources of worth on the bankruptcy petition. This document is used to provide the court with an overview of your overall financial situation and justification for filing for bankruptcy protection. People are frequently tempted to lie or misrepresent their finances in order to obtain an advantage. It is crucial that you are entirely candid and open with your attorney regarding the information that will be included on your petition. Attempts to conceal information may be considered deceptive, resulting in severe consequences.
Similarly, your attorney will need to know if your financial information has changed significantly in the months preceding your filing. Have you obtained or lost a job? Have you accumulated greater than $750 in debt in the previous six months? Have you liquidated any assets or fund accounts? This information is crucial because it may determine whether you are eligible to file immediately or would be better off waiting. In order to minimize suspicions of fraud, bankruptcy laws prohibit such alterations within 180 days prior to the filing date. If you are determined to be eligible to file, these debts may be excluded from your case.
Communication Is Critical
It is vital to the outcome of your case that you keep an open line of communication with your attorney, trustee, and the court. Ensure that you immediately report any changes that occur during your case. Additionally, feel free to ask your attorney queries throughout the process. They are your guide through the process of debt relief.""
" - https://www.affordablecebu.com/