Bankruptcy Filing Do’s and Don’ts & How a Lawyer Helps

The prospect of going into bankruptcy may seem terrifying. However, you should know that a growing number of Americans go through bankruptcy at least once in their lifetimes. Bankruptcy is a legal remedy for those who have fallen on hard financial times. The best way to approach bankruptcy is with a modicum of calm and control.

Here are a few pointers—a few do’s and don’ts—when going through bankruptcy:

Do

Speak to an attorney

You should talk to a bankruptcy attorney in Hopewell VA immediately. Your attorney will give you a better understanding of how the procedure works. Chapter 7 and Chapter 13 are the two main types of bankruptcy. Your lawyer will tell you which of these is best suited to your situation.

Tell your lawyer everything

Your attorney cannot help you if they do not know everything about your situation. They are bound by a strict ethical and legal code to reveal nothing that you have told them. Even if you feel ashamed and embarrassed about some of the things that you have done, you should tell your lawyer about them. They will not judge you. Their job is to figure out the best way to help you

Don’t

Transfer money or property

You should not sell or transfer assets to friends, partners, spouses, or relatives. Doing so will look as though you are trying to hide assets from creditors and the bankruptcy court. You should assume that all such assets will be found, and the judge will not look kindly on your attempt to conceal them.

Omit income

You must declare all your income, no matter how minor. The court will need a full picture of your household finances. The best way to get a judgment that is favorable to you is to be as transparent and accurate as you can.

Canfield Wells is a bankruptcy attorney in Hopewell VA who can help you. If you are on the verge of financial collapse, you should call Canfield Wells today.