It is not uncommon for someone to think that they really do not have to tell their Bankruptcy Attorney in Tuscaloosa everything when they are filing. They decide what facts and financial information they think their attorney needs to know and they withhold everything else. When you are working with a Bankruptcy Attorney in Tuscaloosa this is one of those times where less is not more. Your bankruptcy attorney wants to be bombarded with all of the information you have so they can make the best decisions possible for you.
When you are filing bankruptcy honesty is important. Withholding information might not seem like a big deal, but the judge is going to know if you were not being completely honest about something and the judge is going to consider it to be fraud. After all, lying to benefit yourself financially in anyway is the definition of fraud. When you file bankruptcy it is required that you report all of your debts. This means that you cannot just provide a partial list and call it a day.
You also need to list all of your assets and how much they are worth. Your list does not need to be so detailed that you include the fact that you have five pairs of socks that are worth five dollars. However, you should include how much your entire wardrobe is valued to be worth. Naturally, you might be wondering why how much your assets are worth would even matter. This is because the court could end up seizing some of your more valuable assets and liquidating them in order to pay the creditors some of the money you owe them if you decided to file Chapter 7 bankruptcy. If you have a pair of shoes that’s worth $600, it would not be surprising for the court to seize those outrageously expensive shows and use them to give your creditors some of the money. This is where honesty comes into play again. You can get in a lot of trouble for lying about your assets or giving something away to a friend or family member just so you do not have to risk losing it.
