Florida Bankruptcy Laws: Should You Hide Things from Your Lawyer?

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Even though bankruptcy laws say that you have to disclose every single thing about your finances if you want to file, I know firsthand that a lot of people have things that they would rather not tell their bankruptcy attorney.

Maybe it’s because you owe someone money and you don’t consider it a “real” debt. Or you’re afraid to tell them about potential income because you don’t want to lose out on it. Some people even hide things because they want to pay off some debts and not others.

Make no mistake, though: Florida bankruptcy laws do not allow this and if you neglect to give your lawyer important information, all it’s going to do is cost you more time and money in the long run. Here are just a few specific examples of financial information that you may be tempted to hide and why it is not a good idea.

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An impending inheritance. If a relative dies and leaves you money—even if you haven’t received the money yet—it is vital that you tell your lawyer. There may be ways to protect this money but not if you are not upfront with them.

You borrowed from mom. Is it really a “loan” if mom or dad gave you $10,000 to help with the down payment for your house? If they expect the money to be returned, then yes, it is.

You borrowed from friends, relatives or acquaintances. Often this kind of loan is a version of the “borrowing from mom” example, except that in this case you do consider it a real loan and you hope that by keeping it off the books you can still pay it back. Unfortunately, the Florida bankruptcy laws don’t work that way and you can get in serious trouble.

Someone injured you. Are you planning to sue for damages? Have you already sued? If there is even a chance that you might get money in a lawsuit, your lawyer needs to know. Hiding this information won’t protect any monetary compensation you might get because it will be easy for creditors or the bankruptcy trustee to find out and come after that money.

Stock, insurance and refunds. Either through deliberate omission or forgetfulness, a lot of people don’t include things like pensions, trust funds, annuities, life insurance, and so on when they disclose “everything” to their bankruptcy attorney. But if it’s a way for you to get money, it counts.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)

Bankruptcy Laws are in Place to Help You – Don’t Ignore Them

Always tell your lawyer everything. That way you can not only make sure that you’re abiding by all of the bankruptcy laws in Florida, but giving yourself the best chance of finding legal ways to protect your assets.

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