Full Disclosure In Bankruptcy

When filing for Chapter 7 or Chapter 13 Bankruptcy, it is of the utmost importance to be fully honest and transparent with your attorney.  Often times, people fear losing possession of value and through that fear omit items when disclosing assets.  This can cause huge issues later in the bankruptcy process when these omitted items come to light and also can result in loss of the property in question.  By fully disclosing all assets up front with their attorney, clients can usually keep those possessions of value by utilizing State or Federal Exemptions.  For more information on how State or Federal Exemptions can be utilized to protect personal property in a bankruptcy, it is recommended to contact your local bankruptcy attorney.