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The Important of Honesty When Filing Bankruptcy

When filing for bankruptcy, it is very important that you are honest when you provide the information to your attorney for your bankruptcy.  You commit a federal crime if you lie on your bankruptcy petition or schedules.  Being honest with your bankruptcy attorney is important because in order to help you properly, he or she needs to know the full picture of your financial situation in order to properly help you plan for your filing.

As an example, I always ask my clients to fill out my intake form fully and completely.  I tell them to let me know of anything and everything that they own.  One time, I had a client come to me after I filed his bankruptcy and tell me, “Oh by the way, I forgot to tell you, but I own about 20 guns that I didn’t tell you about.  Is this going to be a problem?”  I said, “why yes, yes it is going to be a problem.”  He ended up having to surrender all but two of the guns to the trustee so that the trustee could sell them and use the proceeds to pay off some of his creditors.  If he had told me about the guns before filing, I could have advised him on what he could do so as to not lose the value of the guns to the trustee.  Bankruptcy planning is a vital step in the bankruptcy process, and knowing all of the facts is necessary in order to put together a successful plan for your bankruptcy.

Beyond being honest to your attorney to make your case go smoothly, being honest in your petition and schedules is required by law.  You will be signing your bankruptcy documents in several different places, and each time you sign, you are affirming that the information is true and correct to the best of your knowledge under penalty of perjury.  If you lie on your petition or schedules, you can have your discharge denied by the Court, and, if the Department of Justice decides to pursue criminal charges against you, you could go to jail.

Bankruptcy is a very serious legal process, and perjuring yourself carries very serious consequences.  If you need to speak with an Arlington attorney about your bankruptcy options, and how to properly plan for your bankruptcy, call a skilled Arlington TX bankruptcy lawyer today who can help guide you through the process, and make sure that your case proceeds smoothly and legally.

Thanks to our friends at Brandy Austin Law Firm, PLLC for their insight into bankruptcy law.

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