Debtor Laws - Fresno Bankruptcy
When you file for bankruptcy in Fresno County, you must follow the laws and regulations that pertain to your particular type of bankruptcy. Additionally, you must be fully forthcoming about your financial situation in order to take advantage of bankruptcy protections. For the majority of individuals, this poses no problems - while there is often a lot of paperwork to file, the information on that paperwork is accurate and complete. However, there are some individuals who seek to minimize their assets prior to a bankruptcy filing, or who attempt to conceal assets once the filing has begun - a decision that is never wise.
When you file for bankruptcy, the bankruptcy trustee will do a thorough investigation of your assets and your financial transactions for a year or more prior to the bankruptcy. If you sell or give way valuable items before filing for bankruptcy protection, this can cause your case to be dismissed. If your bankruptcy case is dismissed, you will have to start the filing from the beginning, and you will not have the protections offered by the automatic stay, which means that creditors will be free to pursue collection attempts throughout the bankruptcy process.
Individuals who attempt to hide assets or who lie to the bankruptcy trustee may be found guilty of fraud - a serious offense that more than outweighs any perceived benefit to hiding valuable property or assets. It is absolutely imperative to disclose any and all financial activities at the beginning of the bankruptcy filing process. In this way, your attorney has all the information that he or she needs to successfully handle your case.
While your intentions may not have been to deceive, there are certain actions which may cause you to have to wait in order to file for bankruptcy protection in order to avoid a potential case dismissal. If you have recently sold or given away valuable property, you may have to wait for a year before you file for bankruptcy protection in order to be certain that the bankruptcy trustee won't move to have your case dismissed. This is why you should speak with a reputable Fresno County Bankruptcy Attorney as soon as you start to consider filing for bankruptcy - by having reliable legal counsel from the beginning, you can avoid the pitfalls of potentially misleading financial transactions. Our firm offers reliable legal advice for anyone who may be considering filing for bankruptcy, so even if you aren't entirely certain about whether or not you'll file for bankruptcy, it could be helpful to have a your case evaluated professionally. Contact us today and we'll set up a free, no-obligation initial case evaluation. Don't' wait - be informed and make the right choice for your financial future.