If you are facing overwhelming debt or have foreclosed on a mortgage, you may decide to declare bankruptcy. If so, you should have the help of a bankruptcy lawyer, because processing errors and unknown incidents of fraud can cause your case to be dismissed and possibly result in jail time. Here are a few common issues your bankruptcy lawyer will help you avoid.

3 Common Bankruptcy Mistakes to Avoid

1. Incomplete Paperwork

Bankruptcy proceedings require a lot of paperwork, making the help of a lawyer essential to ensure that nothing is overlooked. All paperwork related to your financial status should be completed in full and reviewed several times to ensure that all information is accurate. Having a bankruptcy lawyer overseeing the process will keep errors or missing data from slowing down the filing process or appearing fraudulent.

2. Concealment of Assets

During bankruptcy, you must report all your assets, including any homes, vehicles, and jewelry that you own. Forgetting to include a valuable item on your list of assets or giving it away to a family member constitutes fraud. A full, accurate list of assets is necessary for your creditors to receive all the money they are entitled to.

3. Multiple Bankruptcy Filings

Even if you own property in multiple states, you should only file bankruptcy in one state. Having several petitions in several states is a common tactic that is used when attempting to conceal assets and may result in criminal charges. While you can file for bankruptcy multiple times within the same state, there is typically a waiting period of several years before you can submit follow-up petitions.

If you need a bankruptcy lawyer to help you navigate this complicated process, turn to Padgett & Robertson, Attorneys at Law. Serving Southern Alabama for over 35 years, their detailed financial analyses and flexible scheduling can help you get the best outcome for your case. To learn more about their services or to schedule a free consultation, visit them online or call (251) 342-0264.