Category: Bankruptcy

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Honesty is the best policy in life, especially if you are filing for bankruptcy, say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group. When you file your bankruptcy papers, it is important that you mention all your assets, income and debts and not hide things. This is because sooner or later a disclosure might hamper your chances of getting debts discharged through bankruptcy. In fact, you might even end up getting your bankruptcy discharged or worse, get jail time. since you are required to sign bankruptcy documents, if anything mentioned on them is not true, you might be held guilty of perjury. Additionally, if the bankruptcy documents are incomplete or something in them raises the trustee’s suspicion, a thorough analysis of the bankruptcy schedule is done then.

One of the most common reasons for not disclosing everything is because people want to hide their assets. debtors think that hiding assets might help to protect them. Unfortunately, it is not true. When you file for bankruptcy, you need to disclose all assets while filling your bankruptcy schedule, even if it seems insignificant.

Just like listing your assets is important, so is listing all your creditors, including those friends or relatives from whom you have borrowed money. sometimes, people don’t want some of their creditors to be aware of their bankruptcy filings and thus omit their names from the list of creditors. this is another potential mistake that people need to avoid while filing for bankruptcy. you should list all your creditors as the bankruptcy trustee wants all creditors to get their part of your estate. Thus, if you do not want more scrutiny of your bankruptcy schedule, you should list all your debts, creditors as well as assets and income.

Considering the importance of transparency and honesty in the bankruptcy system, it is vital that you disclose everything when you file for bankruptcy. however, an honest mistake is something that is understood even by the bankruptcy trustee. Thus, if you end up omitting something in your schedule you can always correct it by filing an amendment as soon as you become aware of the mistake. For further assistance during bankruptcy proceedings, you can consult with experienced bankruptcy lawyers by calling 888-297-6023.

Call: 888-297-6203

Saab, the aircraft manufacturer turned automobile giant has been an innovator. The first of its kinds to come up with heated seating in automobiles, the company had to file for bankruptcy in Sweden, its home country. Since its entry into the automobile sector post-World War II, its sales peaked in 1988 and again in 2006. However, during the period of 2006-2009, a decline of almost 20.3% was observed in Saab sales.

As per the Swedish Company Reorganisation Act, any bankruptcy application is approved only if a reasonable cause is present which assumes that reorganization will serve the purpose of keeping the company afloat. Reorganization is generally used when a company faces losses but expects to continue in function say lawyers of Los Angeles based bankruptcy law firm Recovery Law Group.

Corporate bankruptcies are tough, especially on the company’s employees. In the case of Saab filing for reorganization bankruptcy, their employees were left hanging without being paid for the previous month. Often corporate bankruptcies can lead to a spate of personal bankruptcies (of employees). In case you are suffering from financial problems as a result of the loss of a job or corporate bankruptcy, you can consult with experienced bankruptcy lawyers at 888-297-6023regarding your predicament.