Bankruptcy is a major legal proceeding that entails its own set of specific rules and regulations. Even the slightest mistake could complicate a bankruptcy or, even worse, invite charges of bankruptcy fraud. Sean O'Neill of the O'Neill Law Firm, LLC, is a bankruptcy attorney who has over two decades of experience serving the La Crosse, WI, area.

Here, Attorney O'Neill discusses three of those pitfalls:

Declaring Ownership

Make sure you declare all of the things you own when filing for bankruptcy. Simply put, you own any property or item that has your name stated on the title as the owner. Many people wrongfully assume that even if they own specific property that they do not use, then they aren't the legal owner. For example, if you own a house in which a family member resides, and you live in another location, you are still the legal owner of your family member's house. This must be declared as owned property during bankruptcy.

Transferring Assets

It's only natural to want to protect your assets and those things that mean the most to you. Often in bankruptcy, filers will sell certain assets to friends or family members for far less than the current market value. Once the bankruptcy is complete, the filer then intends to buy back those assets. This is not only highly unethical but illegal. As with any property or items you own, you must declare all assets during the bankruptcy process. Your bankruptcy attorney at the O'Neill Law Firm, LLC, will work with you to ensure all your assets are accounted for.

Listing Creditors

Your creditors are those institutions to which you owe money. When you list them on your bankruptcy forms, you are starting the process in motion that will ultimately discharge the debts you owe them. If you fail to list all your creditors, then certain debts will not be eliminated, and you may still end up responsible for the total amount due. Bankruptcy attorney Sean O'Neill will help you compile a comprehensive list of all your creditors.

Call the O'Neill Law Firm, LLC, at (608) 519-3551 to schedule a consultation with a bankruptcy attorney. You can also visit the firm online or on Facebook to learn more about their services. Be a smart bankruptcy filer: take extra steps to guarantee you are staying within the law and protecting your legal rights.