Bankruptcy Truth and Nothing But the Truth

I just thought I would make a general observation. Personal chapter 7 bankruptcies generally run very smoothly with no complications. Individuals can eliminate their debts and move on with their lives. But as a Fort Lauderdale bankruptcy attorney, I must emphasize that this is a court process and there is an obligation under penalties of perjury to tell the truth. And at some point, I just have to say what is fair is fair. Sometimes at the end of my bankruptcy free consultation, the prospective client discloses additional information. I have land free and clear in, for example, Costa Rica. I have $20,000 in a bank account, can I give it to my mother to hold for me? I just transfered my vehicle to my brother so creditors could not seize it. Can I deed my investment property to my sister? Whether the perspective is you don’t want to get caught, have your bankruptcy denied, or perhaps go to jail, or as a simple matter of ethics, full disclosure is required

Always provide full disclosure to your attorney. However, even though you currently have assets that are not exempt from creditors, there are legitimate techniques that can maximimize the use of the assets on your behalf. Pre-bankruptcy planning can include exemption planning and a review of necessary expenditures.



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