One of the great myths of those considering filing for bankruptcy is that the Court is going to come to your house and start inventorying your possessions, perhaps taking some of them.
Let’s put those fears to rest. That’s not going to happen.
The reason why it isn’t normally true is because most of us don’t really have much of value. You may have paid $2,500.00 for your living room furniture seven years ago, but that was seven years ago and before the grandchildren began climbing all over it.
That was a good washer and dryer that you purchased three years ago, but really, what would someone pay for it now?
The bankruptcy laws allow you to keep a generous amount of household goods, along with reasonable amounts of equity in your house, vehicles, jewelry, and lots of other stuff. And because of this, it’s rare that a client will lose anything. We will carefully review your situation before we file any papers and will let you know if there is any risk whatsoever.
The important thing in the preparation of a case is that you need to tell us what you have. Don’t try to hide an extra vehicle or a boat or a savings account because you think you might lose it.
Failure to be totally honest in your bankruptcy paperwork can result in what you are most afraid of, and that’s losing things. You could also possibly face bankruptcy fraud charges. Why anyone would want to risk this when the bankruptcy laws are so generous is beyond me. Tell us the truth so that we can protect you and your things.
Instead of listening to the well-meaning but legally dangerous friends who tell you the Court is coming to your house, listen to us at Steidl & Steinberg instead.