Crispin Lozano Immigration Attorney | You should disclose all your properties wherever located when filing bankruptcy
You should disclose all your properties wherever located when filing bankruptcy
15 Feb You should disclose all your properties wherever located when filing bankruptcy
A. Using the golden rule in bankruptcy “disclose everything and hide nothing” there are five major types of information that needs to be disclosed such as:
Q. Why is it extremely important disclosing this information in your bankruptcy petition?
A. When you sign your bankruptcy petition, you are swearing under penalty of perjury, that everything written on your paperwork is true and correct. One of the things you are swearing to is that your forms are complete, because the forms ask you to list and disclose everything (“all” property, income, and debts). Filing incomplete or inaccurate bankruptcy petition can lead to your case being dismissed. If the court finds you omitted important information or made false statement intentionally, you may be liable for fraud. If you purposely attempt to hide your assets, misstate your income, or use a false social security number, it will probably come back to haunt you more than your current debt and financial crisis.
Q.What happen if I have forgotten to include certain property in good faith?
Q. Can I exclude a Card Company or my relative in the List of Creditors?
A. When listing your property on the bankruptcy forms, you must include not only the properties you have upon filing, but also properties that you are expecting to receive later after filing. This will allow the trustee to decide if the money you will receive is exempt properties of property of the bankruptcy estate. Here are some examples:
Q. Do I have to include the properties I owned in the Philippines?
A. Yes, all properties you owned wherever they are located must be included in your bankruptcy filing.
Bankruptcy Information you should know:
Unlike other law firm, we provide our client with the information and advice that will help them understand the bankruptcy process at every stages of the case, thereby reducing the anxiety during the process. Our clients choose us because we response to their concerns proactively and professionally.
The myth that Bankruptcy will ruin your credit for ten years is not true. After one year in Bankruptcy your credit score will improve and you can borrow again. Bankruptcy will actually improve your credit within one year because your unsecured debts are discharged. Although the bankruptcy will be in your records for 10 years, not filing bankruptcy will make your credit even worse until most your debts are paid.
Note: This is not a legal advice and you should consult with a bankruptcy attorney about your case.