Disclose All Assets When Filing Chapter 7? in Mesa, Arizona?
YES! Tell your attorney about everything you own, even if there is no debt involved and even if someone else’s name is somehow attached to that property and/or to a loan that is secured by that property. Most of the problems that arise in a bankruptcy happen because someone has failed to disclose certain debts or property. Your attorney can usually deal with potential problems if he knows about them ahead of time, but it is much more difficult, and sometimes impossible, to deal with something that he learns from you too late.
Surprises which come to light too late in the process can lead to situations that are impossible to resolve.
For instance, if you have a big tax refund coming, your attorney can advise you how to best utilize your refund. Another common problem involves lawsuits or personal injury settlements. If you file bankruptcy without disclosing the potential settlement or judgment, you can actually lose your right to pursue that claim. Your attorney can only advise and help you if he knows about it in advance.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Disclose All Assets When Filing Chapter 7??, or any other Bankruptcy matters, please feel free to contact Joel E. Sannes at 480.461.5307, or log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.