Mandatory Disclosures in Los Angeles Bankruptcies
Essential Details about the Filing Process
The United States government requires all bankruptcy lawyers to inform business owners, corporations, and individuals of essential details regarding bankruptcy. This is known as mandatory disclosure. Bankruptcy's mandatory disclosure is important to increase transparency of the process and prevent fraudulent filings.
Weintraub & Selth, APC can explain these mandatory disclosures in more detail when you contact our office at (310) 220-4147. We also offer the following overview of the mandatory disclosures.
What Is Mandatory to Disclose in Bankruptcy?
Personal Identifying Information
- Full name
- Names of businesses you own
- Any previous bankruptcy filings
- Completion of credit counseling
Property You Own
- Real estate properties
- Household items
- Financial accounts and assets, including bank accounts, cash, stocks, etc.
- Your annual income
- Items stored in safety deposit boxes
- Any pending lawsuits
Assets and Debts
- Documentation of your income sources
- Income of spouse
- Annual expenses for rent, food, clothing, medical care, etc.
- Creditors that you owe, and amounts
- Property you want to claim as exempt from bankruptcy
What Can Happen If I Do Not Disclose Everything?
Individuals who attempt to hide assets or file fraudulent bankruptcies can face a variety of negative consequences, such as:
- Revoking of discharged debts
- Inability to file any bankruptcy cases in the future
- Dismissal of your bankruptcy case, so you will still owe your debts to creditors
- Criminal prosecution for bankruptcy fraud
Am I Required to File with a Bankruptcy Attorney?
Corporations and partnerships must have an attorney to file but you may file bankruptcy on your own if you are an individual. “Pro se” representation, or representing yourself, is certainly possible. Hiring an attorney to represent you is completely optional.
In addition to choosing to represent yourself or hiring an attorney, other forms of bankruptcy support exist. You may opt for the assistance of a bankruptcy preparer who is not a lawyer. This, however, is also not mandatory. If you seek the assistance of an attorney or a nonlawyer bankruptcy preparer, they are required by law to disclose, in writing, exactly what services they will provide and the cost of those services. There are also free bankruptcy support services available.
If You Have Questions, Call Weintraub & Selth, APC
Depending on your situation, you may qualify for more than one bankruptcy chapter. You may have begun the bankruptcy process or you may still be considering your options. Weintraub & Selth, APC is here to answer your questions and be your advocates.
If you have questions about the mandatory disclosures or any other topic related to debt relief or bankruptcy, contact the bankruptcy lawyers of Weintraub & Selth, APC.
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