Disclosure is the word in bankruptcy.
When you begin to work with your bankruptcy attorney, she will ask you to disclose a wide range of information to her. This is necessary in order to prepare and analyze your case.
And when you present your case to the court, you’re required to disclose information about your past, present and future financial life. Your facts will decide what type of bankruptcy case, such as Chapter 7 or Chapter 13, is best for you.
Disclose So That Your Trustee Doesn’t Say “Got Ya!” At Your 341 Meeting of Creditors
I’ve discussed the importance of disclosure in past posts (see Bankruptcy Alphabet: F is for Five Tips for a Successful Bankruptcy and Bankruptcy Alphabet: D is for Discharge). But it bears repeating. When you attend the 341 Meeting of Creditors, which is conducted by the bankruptcy trustee, the trustee will first give a brief talk about the importance of being complete and truthful in your responses. Often times, the trustee will mention prior cases where debtors were not honest and faced serious consequences like loss of property, dismissal of the case, denial of a discharge, or worse.
Consequences for Failing to Disclose Grim But Real
These are very grim but real potential consequences for not following the rules. The court and the law do not expect you to be perfect. But you are expected to make a true effort to disclose the required information timely. And if you make a mistake, to correct it once you’re aware of it.
Bankruptcy Trustees have ways of finding out the truth. Don’t lull yourself into a false sense of security by thinking “there is no paper trial” or the information has “fallen off the radar”. People with knowledge about your facts can come forward and provide information you haven’t. And sometimes, simply good questioning can bring things to light at a 341 Meeting.
You don’t want the last words from your Trustee at the 341 Meeting of Creditors to be “Got ya!” Prepare properly and when in doubt, disclose.
Experienced and Dedicated Bankruptcy Lawyer
If you live in or near St. Louis, Missouri and have questions about Chapter 7 bankruptcy or Chapter 13 bankruptcy and how the laws may apply to you, please contact me, Attorney Nancy Martin, today at (636) 536-5355 or online.
For other posts on the letter G, please see below:
[learn_more caption=”St. Louis Bankruptcy Attorney Nancy Martin” state=”open”] Nancy Martin is a St. Louis, Missouri attorney and consumer bankruptcy lawyer who helps people file Chapter 7 and Chapter 13 Bankruptcy. To find out more about bankruptcy and other debt relief alternatives, contact us online or by phone at (636) 536-5355. The office is located at 150 North Meramec Avenue, Suite 400, St. Louis, Missouri 63105.
We help people in St. Louis, St. Charles, Chesterfield, Ballwin, Creve Coeur, Maryland Heights, Ladue, Manchester, Kirkwood, Webster Groves, Wildwood, Bridgeton, Fenton, Eureka, Ellisville, Des Peres, Clarkson Valley, and Frontenac. This includes the municipalities within St. Louis County, St. Charles County, Jefferson County, Franklin County, Warren County, and Lincoln County.[/learn_more]