Working Closely With Bankruptcy Lawyers in Baltimore

by | Jun 24, 2014 | Legal Services

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The decision to seek bankruptcy protection is never an easy one. After consulting with one of the Bankruptcy Lawyers in Baltimore and determining that a Chapter 7 action is the best approach, it is important to cooperate completely with the attorney and with the court. Doing so will help to ensure the filing includes all relevant data and that the chances of being approved by the court are very good.Providing Complete Disclosure to the AttorneyIn order to make sure that everything goes properly, bankruptcy lawyers in Baltimore need to know everything about the financial affairs of their clients. This extends beyond simply knowing how much the client makes from a job and the total amount of debt that he or she currently carries. The attorney must be apprised of any other sources of income that the client may have. This is because the court will want to determine which of those income streams are considered relevant for performing a means test. In addition, the client must provide full information about any assets that he or she currently holds.


This includes stocks, bonds, and the balances in current bank accounts. If the client happens to own a second home, then that information must be disclosed as well. While the court considers many types of assets exempt, some of them may be sold in order to partially settle the debts owed by the client. The court would then discharge any remaining debt. Failing to provide complete disclosure can complicate the situation. If the trustee assigned by the court believes the omission of an asset was intentional, that could be grounds for recommending that the application for bankruptcy protection be denied. When that happens, the client no longer has protection from the court and is left to the mercies of his or her creditors. Some clients hold back because they think that too much information clouds the issue. In fact, the best approach is to tell everything to the attorney and leave it to a professional to decide what is relevant and what is not. Doing so will ensure nothing is left out, the court is satisfied, and the bankruptcy can proceed without incident.

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