Filing for bankruptcy is one of the most personal financial decisions you can make, so it’s understandable to think, “It’s my petition—can’t I choose what goes in it?” After all, it’s your name on the paperwork, your debts, and your life being laid out on paper.
This is a very common question that we hear at the firm. The problem with picking and choosing is that once your case has been filed with the courts, your petition isn’t just your document anymore. The petition and schedules become an official legal filing with the court, and it has to tell the complete truth about your finances. It covers the good, the bad and the ugly. The court, your trustee, and your creditors rely on that information to determine how your case moves forward, and leaving things out, even small things, can cause big problems later on.
Think of it this way: when we make all the required disclosures, you’re not just following the rules. You’re protecting yourself. Bankruptcy laws are built to give honest filers a fresh start, but that protection only works if all the cards are on the table. Forgetting to list an old account, choosing to leave off preferred creditors, or not being upfront about title transfers might seem harmless, but in reality it can make it look like you’re hiding something. Trustees and judges take accuracy very seriously, and part of their job is to make sure everything lines up and checks out. If they find omissions or inconsistencies, your case could be delayed, dismissed, or even denied.
The good news is, your attorney is there to help make sure that does not happen. One way that we like to describe the bankruptcy petition is as a detailed snapshot of your financial life. The clearer the picture, the easier it is for your attorney to protect your assets, discharge your debts, and help you move forward. The bankruptcy system rewards honesty—not perfection. Mistakes can be fixed, but dishonesty cannot be undone.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
Your petition is a team effort. You bring the facts; your bankruptcy team brings the experience to make sure those facts are presented accurately and completely. Even though it might feel uncomfortable to list every last detail, doing so is the best way to make sure your case goes smoothly and you get the clean financial slate you deserve. When the time is right, or when you are ready, reach out to Minnesota’s MOST Kind and Helpful bankruptcy law firm by going now to www.lifebacklaw.com. You will be so happy you did.
