The bankruptcy process is a highly detailed one, and one that requires some effort on your part. If you are considering filing for bankruptcy, you likely have many questions that you want answered. One of the most common areas for questions about bankruptcy is related to the most important documents of the entire process, the petition.
When you file for Tampa bankruptcy you will be required to complete the petition. This document is used to initiate your case with the court and contains a detailed account of your financial standing. Although you may feel overwhelmed by this lengthy document, remember that your financial situation is unique to you and the court needs to gain an understanding of how they can help.
The petition will ask you many questions about all aspects of your finances. From debt balances, information about creditors, to your income and assets; the petition provides the court with an overview of your situation. You will be listing all of your debt accounts, information about your income and wages, an account of your assets and personal property, and a list of any additional debts or wages associated with business or a trade.
Many people become concerned when asked to list their assets, feeling as though they are putting them on the chopping block. You need not worry, as there is no guarantee that any of your property will be liquidated as part of your bankruptcy case. Further, bankruptcy exemption laws offer a range of coverage for much of your property. It is important to remember that accurate and honest reporting is in your best interest for the success of your case, attempts to hide information related to any of your financial affairs can result in your case dismissal.