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While filing for bankruptcy, filers are usually confused with questions like whether they need to list all their property or not, or specifically, how accurate do they need to be in listing their property. A very simple answer of these questions is that a filer needs to be extremely detailed and specific while filing a voluntary petition. Let us consider a hypothetical situation.
You are a resident of Florida and have make up your mind to file for bankruptcy for which you took guidance and advice of a local bankruptcy attorney. During the meetings, you disclosed your personal property without revealing a few of your valuables which you didn’t want to risk losing to the court. Then, you attended the necessary 341 hearing and swore under oath that you have listed all your personal property. Now the bankruptcy continued. However, one day you returned home and found it completely empty. The bank had violated the law and had come to clean out your house. Your attorney advised you to make a list of all the missing items. During inspection, your attorney found out that all of your personal property was not listed in your voluntary petition, and he questioned you about it. What would happen then?
The clients usually believe that they will simply file a suit for the items missing and will move on, but that is not as easy as it seems. There are many issues that will arise. Firstly, your attorney might decide to end representing your case in the court because of your fraud actions. Secondly, your bankruptcy might be thrown out, as you committed perjury by lying to the court. This can leave you in a worst position. Lastly, the non-listed property could have been exempt for some reason in bankruptcy, so your defrauding was for nothing!
Such a situation is not as far-fetched as it might sound. The situation might not unfold in this way, but lying to your bankruptcy attorney or to the court will definitely have potential consequences for it. Thus, it is important to take help and proper guidance from competent bankruptcy attorneys in such matters. You can contact The Recovery Law Group at www.recoverylawgroup.com or call on 888-297-6203.