We Help People File Bankruptcy Correctly
There are so many myths and misconceptions about bankruptcy that it is not a good idea to rely on information from friends and family. Talking to a lawyer is the best way to ensure that you follow the regulations and receive all the benefits of bankruptcy.
The attorneys at Prescott & Pearson, P.A., have experience helping thousands of people file bankruptcy. We know how to guide you through the bankruptcy process so you get all of the protections you are entitled to receive. Please call 651-968-8096 or 888-366-0827 to schedule a free consultation.
Why List Your Debts?
Many people ask if they need to disclose all of their debts when they file bankruptcy. We recommend that you list all debts upfront. Trying to hide credit cards, medical bills or any debt is not a good idea because creditors typically find out about the debt or it will show up on the credit report.
You do not want to perjure yourself by leaving credit and debts off of the list. Even if you plan to keep assets such as your house or car, or if you plan to keep a credit card, you need to include them on the list. It is also a good idea to include people you expect to repay. All moral and legal obligations should be included.
For example, you may owe money to a family member. Even if the family member does not expect you to pay him or her back, you should list the debt. If this person dies and another family member wants you to pay, the estate can come after you for the money.
You also need to list all debts when you file in order to receive a discharge on each one of them. Unlisted debts will not be eligible.
Minneapolis Bankruptcy Debt Attorney · Minnesota Debt Relief Lawyer
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Minneapolis-St. Paul Area: 651-968-8096
Minnesota Toll-Free: 888-366-0827
Please call us at the numbers above or contact us online to schedule a consultation.