In this article, you can discover…
- Why transferring assets before filing for bankruptcy can be a costly mistake.
- What happens if you hide assets prior to filing for bankruptcy.
- How an attorney can be an invaluable ally as you navigate bankruptcy.
Can Hiding Assets During Bankruptcy Damage My Case?
Yes, transferring assets before bankruptcy can seriously complicate your case. Transferring assets can make it seem as though you are trying to hide these items or shield them from being tallied as part of the bankruptcy process. Do not give away or sell any item for less than its fair value prior to filing for bankruptcy.
What Are The Risks Of Maxing Out Credit Cards Before Filing For Bankruptcy?
Unnecessary credit card charges made prior to filing can be termed fraudulent and, therefore, not be eligible for discharge. Be careful not to max out your credit cards prior to filing.
Can Transferring Assets Before Bankruptcy Get Me In Legal Trouble?
Yes. If you hide assets during bankruptcy, this could lead to a cash fine of $250,000, not receiving a discharge of that debt, and possible jail time.
Attorney Vincent Carlson is a determined, focused bankruptcy law attorney serving Michigan. For over 15 years, he has helped clients just like you avoid critical eros during filing, allowing them to get out from under debt with greater ease and peace of mind.
Have questions, or in need of legal help? Reach out to Vincent E. Carlson & Associates, PLC for an initial consultation today.
Why Should I Hire A Bankruptcy Attorney To Avoid Legal Mistakes?
Many clients assume that they can file for bankruptcy on their own. While there is no law that requires you to use a bankruptcy lawyer, bankruptcy law is very complex and needs to be handled with care. As an example, you might be able to amputate your own arm without a doctor’s help if you needed to, but I certainly would not recommend it. The same can be said of handling bankruptcy without an attorney’s help.
Averting Disaster : How An Attorney Can Help
It is possible to accidentally jeopardize your bankruptcy case, and getting legal help along the way is crucial. For example, I had a client who forgot that she had a second house. This property was not remembered or disclosed until after we filed, and we had to redo the bankruptcy petition to include the property and explain that it had been inadvertently omitted. The case ended up being successful.
Be sure that you have the right legal help to handle any surprises, mistakes, or complications that your bankruptcy case might bring up.
Still Have Questions? Ready To Get Started?
For more information on common bankruptcy mistakes in Muskegon County MI, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (231) 726-4357 today.
Attorney Vincent Carlson is a determined, focused bankruptcy law attorney serving Michigan. For over 15 years, he has helped clients just like you avoid critical eros during filing, allowing them to get out from under debt with greater ease and peace of mind.
Have questions, or in need of legal help? Reach out to Vincent E. Carlson & Associates, PLC for an initial consultation today.