There are many steps within the bankruptcy process that can feel overwhelming. At The Law Offices of Paul Y. Lee we know that one of the reasons our clients are glad they have started working with a bankruptcy lawyer is because we can handle that complicated paperwork for them. If you are struggling to do so then we recommend you contact The Law Offices of Paul Y. Lee at 888-748-0025 for a free consultation. In the meantime, you can read on to learn more about those forms.
The Very Basics of the Paperwork
First things first, know that the papers are actually schedules. They are essentially the heart of your case. They give the judge information about what you own, what you owe, and what you spend. If you work with a bankruptcy attorney from day one, you may never see these schedules until the day you are required to sign them. Until then, you may simply wonder why you are getting a seemingly endless number of questions from your attorney.
It is Essential That the Paperwork is Filled Out Correctly
You may wonder: How important is it that the schedules are filled out correctly? The answer is simple: It is very important. They are the first glimpse of you and your case that your Trustee will see. If your schedules are filled out accurately and completely, your Trustee will have less digging to do. This can speed up the case and prevent unnecessary hiccups.
The creditor schedules that must be filled out will control who gets notice that you are in bankruptcy and who in turn is required to abide by the automatic stay. If you want bankruptcy to end collection calls, then you want to be sure this schedule is correctly filled out and submitted.
Filling out the Notice to All Affected creates a timeline by which anyone with a right to challenge discharge is bound. If you do not fill this out, or do not include all eligible parties, your discharge could be potentially slowed down. If your creditor gets no notice ta all, then they could reopen the bankruptcy case at a later date to state that their debt was not dischargeable.
Finally, if you leave assets out of your schedules, you could lose them. Case law has limits on your right to claim exemptions in an asset you did not disclose upfront. In the world of bankruptcy law, this is often referred to as “list it or lose it,” meaning that an asset that is not on the original bankruptcy filing is often lost.
Work with an Experienced Bankruptcy Attorney Today
Now is a great time to start working with a bankruptcy attorney. Whether you’re ready to file tomorrow or you are just starting to wonder if it is the right choice for you, we have the answers you need. Contact The Law Offices of Paul Y. Lee at 888-748-0025 now and we will be happy to provide a free legal consultation.