Blog about Filing Bankruptcy in Washington DC and Maryland

What Happens If You Hide Assets During Bankruptcy?

Hiding assets during bankruptcy is an easy way to end up behind bars. Anyone considering hiding assets should look up a recent example of Joe and Teresa Guidice, who received prison sentences for concealing assets and engaging in fraud before and during their bankruptcy filing.  The reality of the matter is that bankruptcy is a means of ridding yourself of debt legally and legitimately. How Do People Hide Assets? One common method is the hiding of assets by giving or selling them to friends or family. This is illegal. Courts and lawyers are aware of this practice as it seems like it may be a clever way to bypass the law, because you will no longer be in possession of the assets you’ve given away. However, this willful giving away of assets to friends or family to avoid potentially losing assets to a creditor is considered a fraudulent transactions requiring…
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Will Bankruptcy Ruin My Life?

Will bankruptcy ruin my life?

Washington DC Bankruptcy Attorney Explains Why the Answer is No You feel like you are buried up to your neck in debt. Time and time again you have worked long hours, extra jobs, saved and maybe even borrowed more to help dig yourself out of the hole. But, you feel like it is to no avail. Maybe you are behind on mortgage payments. Or, maybe you face massive bills due to an unexpected need for medical treatment. You know that bankruptcy can ease some of your debt obligations. However, you are worried that it will be a financial death sentence. So, you ask yourself, “will bankruptcy ruin my life”? We understand and the answer is “no”. The Straight Truth About Bankruptcy Bankruptcy is a multi-step process. The exact details of it depend on whether you file under Chapter 7 or Chapter 13. However, regardless of what you file, your bankruptcy…
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What Should I Do Before Filing for Bankruptcy?

Bankruptcy

There is a lot to consider if you are thinking about filing for bankruptcy. The first determination you should make is that bankruptcy is the best way for you to deal with your financial problems. Bankruptcy is an incredibly valuable tool to help you dig yourself out of a financial hole, but every case is different. As such, you will want to go through your finances with someone who is familiar with the field of bankruptcy – your attorney. Before you file, there are some things you have to do first. Within the 180 days prior to your bankruptcy filing, you must receive budget and credit counseling from an approved credit counseling agency. During this counseling, you and your counselor will go over all possible options for your finances and budgeting. Once you complete the counseling, you will receive a certificate stating that you received the counseling. You need this…
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