A bankruptcy discharge ensures you will have no legal obligation to pay back qualifying debts after the conclusion of your bankruptcy case. A qualified bankruptcy attorney will help you understand what debts qualify for a discharge.
Unfortunately, creditors or bankruptcy trustees may object to the discharge of a qualifying debt or even your entire case by filing an adversary proceeding or a motion. Your bankruptcy attorney will advise you to do the following to avoid discharge disputes.
1. Full Disclosure
It is your responsibility to supply the court and trustees with all the information that accurately paints your financial affairs. Your bankruptcy attorney will help you put together the personal and official records required. Should the court or trust require additional information apart from standard bankruptcy documentation, ensure you provide the requested information without delays.
Hiding or otherwise destroying records in an attempt to manipulate the value of your assets can be a costly mistake. Failure to comply with full disclosure may inform the court's decision to deny your discharge of debt.
2. Avoid False Information
Just as important as the records you provide are your statements, whether in writing or testimony. What you say significantly impacts your bankruptcy case, and you will want to review this information with your bankruptcy attorney before sharing it.
Honesty is, indeed, the best policy in your bankruptcy case. Giving any false statements about your debts and assets may lead to the denial of a bankruptcy discharge.
3. No Hiding or Transferring Assets
Hiding or transferring assets in an attempt to mislead the court in your bankruptcy case will have dire consequences. Such practices are dishonest, and your bankruptcy attorney will no doubt advise against them. It is best to refrain from transferring assets to other parties during this time, even if the intention isn't to hide them from creditors.
More Than Bankruptcy Discharge Dispute
Doing the right thing as far as declaring your assets and finances is about more than getting your bankruptcy discharge granted. Your bankruptcy attorney will tell you that acting in bad faith, be it giving false information or attempting to hide assets, holds the potential for criminal prosecution. There is definitely so much at stake, and you want to ensure you do things right, as outlined above.
Work With the Pros
Engage a highly qualified bankruptcy attorney, and you can rest assured that someone is looking out for your best interests. In addition to ensuring you go about the disclosure of your finances in the right way, the attorney will present this information and argue your case for the best outcome.
For more info, contact a bankruptcy attorney.Share