The Importance of Full Disclosure in Bankruptcy

If you are filing for Chapter 7 bankruptcy, it is of the utmost importance that you are entirely open and honest with your bankruptcy attorney. No matter what your financial circumstances may be, full disclosure is always necessary so the best decisions can be made for your financial future.For example, the bankruptcy petition filed with the U.S. Bankruptcy Court is based on information provided by you and ascertained by your attorney. You will provide the bulk of the information about your assets, and if you are not honest with your attorney or fail to disclose a particular asset or set of assets, you may be subject to numerous penalties, such as denial of discharge, court sanctions, and even potential criminal charges for concealing assets in bankruptcy.You should always be entirely honest with your attorney about your assets, even if some are at risk. If you have any assets which will be unprotected, your attorney can advise you regarding those assets, but only if you disclose all necessary information through each phase of the bankruptcy process. This is in your best interest to ensure that you can properly navigate this process with your attorney and receive a successful discharge.If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.