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There are times in life when you might feel too ashamed to talk about your financial problems. It can be hard to open up and tell your closest friends that you’re struggling to make ends meet or on the verge of a foreclosure. If talking finances among friends is already difficult, you may feel even more nervous about spilling all those debt secrets to a Durham bankruptcy attorney. But when you’re looking to file for bankruptcy protection and get out from underneath those crushing debts, it’s no time to be bashful with your attorney!
You should know that the fear and embarrassment you are feeling are extremely common. Almost everyone feels those butterflies. While feeling a bit anxious is normal, one of the worst things you can do is let that fear keep you from telling a North Carolina bankruptcy lawyer the truth about your financial situation.
It’s important to understand that your bankruptcy lawyer is your partner. They will be right by your side through the entire bankruptcy process, working hard to get you the best debt relief possible. While it may feel a bit odd to share your deepest and darkest debt secrets with someone you just met, hiding things from your bankruptcy lawyer can cause huge problems for your case. For example, you never want to lie to your lawyer about your income, as it will generally show up on credit reports or public records. The courts usually check these sources, making sure everyone is playing by the rules. Get caught lying about or hiding forms of income and you can face stiff penalties, possible jail time and your bankruptcy petition may be denied.
Now that you understand how important communication is, let’s look at the top three secrets you must share with your North Carolina bankruptcy lawyer and why:
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Any Property You’d Like to Protect During the Bankruptcy Process
Your bankruptcy lawyer needs to know about every piece of property you’d like to protect. It can be tempting to put your car in another family member’s name or sell your most valuable piece of jewelry right before filing for bankruptcy. The problem is that a lot of your assets are already protected under bankruptcy laws, so you might have been able to keep them in the first place. Secondly, the court will check all available public records. If you transfer a car or sell three acres of land just before filing for bankruptcy protection, the court will likely find these transactions. At that point, the court has the power to pursue the property and attach it to your claim, impose fines for fraudulent activity or completely dismiss your case.
The Debts You are Paying On
The bankruptcy process doesn’t happen overnight, so it’s important to tell your bankruptcy lawyer which debts you are paying and which ones you aren’t. Once you discuss your finances, your lawyer can explain how to manage your debts until the bankruptcy protections take action, including which bills you should pay and which ones you should not. Many people mistakenly try to pay off as much debt as possible before consulting with a North Carolina bankruptcy lawyer.
Any Secrets You Think May Affect the Bankruptcy Process
A good rule of thumb is: If there’s anything you are afraid to tell your bankruptcy lawyer, be sure to tell them that first! If you’re feeling too ashamed to admit things like the fact you filed a previous bankruptcy…think again! If situations such as this were to come up during your current bankruptcy proceedings, it could delay your case, tack on more legal fees to amend your prior filing or end in fraud charges. Remember, it’s your North Carolina bankruptcy lawyer’s job to guide you and help protect your financial future. He or she can’t do that if you leave out important details of your case.
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The best way to get a fresh financial start when filing for Chapter 7 or Chapter 13 bankruptcy is to trust your attorney. Provide all the information you can, truthfully answer all questions and work with your attorney. If you’re ready to get out of a financial hole and wipe the slate clean, contact an experienced North Carolina bankruptcy attorney today.
Dedicated to helping residents of North Carolina find the best solutions to their debt problems. Don’t waste another day worrying about your debt. Call 1-888-234-4181 today to schedule a free initial consultation to discuss your bankruptcy options.