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Accuracy is important in bankruptcy cases

Nobody plans to undergo bankruptcy, so filing for it can be stressful and difficult for South Carolina debtors. Despite the stresses involved, however, bankruptcy is a legal process that requires honest and accurate disclosure of all of the petitioner's debts and assets.

Bankruptcy trustees rely on the information provided by petitioners to make determinations regarding payments made to creditors. In cases where a petitioner has been incorrect about their financial situation, trustees may have the right to seize newly discovered assets. This can be particularly true in cases where the petitioner has deliberately concealed information. In one recent case, a man had his IRA seized after it was determined that he had not disclosed its existence during the bankruptcy process.

Because personal bankruptcy is such a complex and emotional issue for many people, it is very important that those who are experiencing financial challenges develop an understanding of their own finances. While bankruptcy can be helpful in providing debt relief, incomplete or inaccurate filings may create additional problems for people who are already dealing with significant stress. Professional advice in these situations may be invaluable both for the success of the case as well as a debtor's peace of mind.

Consumers who are interested in filing for Chapter 7 or Chapter 13 bankruptcy may benefit from speaking with an experienced attorney. Legal counsel will review the client's case and financial circumstances in order to determine the client's eligibility to file under a particular chapter. The attorney can also discuss the credit counseling and other requirements associated with a consumer bankruptcy filing.

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The Huggins Law Firm, PA

Columbia Office
1812 Lincoln Street
Suite 201
Columbia, SC 29201

Phone: 803-764-1558
Fax: 803-764-1563
Columbia Bankruptcy Office

Columbia Office

Charleston Office
925-D Wappoo Road
Charleston, SC 29407

Phone: 843-509-0039
Fax: 866-481-2325
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Charleston Office