Because financial concerns are such a private matter, many debtors are embarrassed or hesitant to reveal everything during the bankruptcy process. However, when working with a St. Petersburg bankruptcy attorney, it’s crucial to disclose everything about your financial problems and situation. Whether it’s fear, embarrassment, or pride, you must let down the barriers preventing you from disclosing everything about your debt with your attorney. Remember, no matter how skilled a lawyer is, their knowledge about your situation is the extent to which they can help you – so don’t limit it!
What Your Bankruptcy Attorney Needs to Know
In order to successfully help you eliminate or reorganize your debt, a bankruptcy attorney needs to know as much information as possible. This includes information concerning your, financial history, employment, and much more. To help make the process smooth, be sure to tell your bankruptcy attorney about:
Your assets. Everything – don’t leave anything out! Many debtors are worried about losing their most prized assets such as retirement plans, but unless you disclose this information to your bankruptcy attorney, it cannot be protected. Furthermore, trying to hide your assets can actually lead to jail time.
Property you intend to protect. In the process of eliminating your debt, bankruptcy can take some of your assets through Chapter 7. Whether it’s your car, home, jewelry, or anything else you own, telling a bankruptcy attorney what to protect will allow them to seek exemptions and exercise the extent of their power.
Your debt. If your bankruptcy attorney is going to help you solve your debt problems, then he or she must know all the debt that you have. For whatever reasons, there are many debtors who don’t reveal the extent of their debt, and doing so can be a mistake. Debt includes, but is not limited to, credit cards, loans, medical bills, child support, etc.
What you’re struggling with. Chances are that you’re able to make payments on some debt and not on others. Be sure to tell your bankruptcy attorney which debt payments you can keep up with and what you can’t.