Disclosing Financial Records to the Bankruptcy Court

By James Jennings,Legal Document Preparer.

When you file for bankruptcy, the court will take an active interest in your financial life. They look at your payment records and bills. Under a traditional bankruptcy proceeding, the trustee is going to want to review all of your bank account records, card accounts, credit loans, tax paperwork and various other financial components.

The Trustee is looking for any assets that can be sold to help pay down your debt in a Chapter 7 Bankruptcy. The Trustee is also looking for evidence of assets and income that are exempt under the conditions of the law. These are called exemptions.  A list of them can be found be found in a publication produced by the court.

Make sure to have your documentation organized and ready for the courts. It lets everyone involved know that you are willing to cooperate with them. Those who have a willingness to cooperate and work with the court will benefit in the long run. Being upfront and honest will get you a favorable result from the court officials most of the time.

When it comes to your tax returns, the courts normally like to see two years of returns. For everything else, you can expect to provide three months of documentation. As you file your documents with the court, it is imperative that you remember that you are under oath. If you hide information or lie to the court it maybe considered fraud which is a crime.

Most of the time, three months of records seems to be what the bankruptcy courts like to see.

The actress Angela Jolie once said in an interview back in 2003 “I’m just honest.  I like that I don’t have to worry about what I say.  I really don’t have the time or energy to pretend and I don’t want to have to live that way.”

Seems like good advice.  Being dishonesty is like swimming upstream in a storm.  It will eventually wear you out and you’ll end up drowning.

If you have any questions regarding a specific legal matter or legal strategy you should contact an attorney for legal advice.  If you would like to get started on a family law or bankruptcy case call us today, 602-896-9020, email us at discountdivorce@msn.com, or visit our website at DiscountDivorcePro.com.

We invite you to subscribe to Discount Divorce & Bankruptcy Twitter account: @discountdivorce and Facebook page: facebook.com/discountdivorce Both of these social media sites have value information.

absolute-digital-facebook-twitter

Advertisements

Author: arizonadivorcebankruptcy

We are the legal document and case management solution you are looking for. Discount Divorce and Bankruptcy is the only service in the industry that prepares your legal documents for you AND manages your case from beginning to end. We have successfully handled an estimated 12,000 family law cases (divorce, legal separation, annulment, child support, parental visitation, custody modifications, and much much more) and some 5,000 chapter 7 bankruptcy matters for Arizona families.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s