There are a lot of “bankruptcy basics” we could spend our time talking about. From doing a little independent research to getting spending habits under control, you can take charge of your situation in a number of ways. Whether you’re about to enter into the bankruptcy process, or whether you are concerned about your financial future and wish to take preventative measures now, there’s one bankruptcy basic you can’t afford to not know about, and that’s the practice of transparency.
Transparency for Those Filing
If you’ve done any amount of research on the bankruptcy courts, you know that there are certain things that are required of petitioners, and the court doesn’t waver on those policies. If it’s tax records they want, they get tax records. If they need to see a complete account of all your assets and liabilities, then that paper lands in their files.
The bankruptcy court gets its way. Always. Being fully transparent with the bankruptcy courts can help ensure your success. If you are hiding information or refuse to share your information with the bankruptcy court, you’re starting down a long road you won’t want to finish.
Because the courts are in the business of justice and providing legal sanctuary for those who can’t afford to pay their debts, they need a lot of information in order to do the job right. When you intentionally obstruct their agenda by hiding information or refusing to disclose certain documents, you can end up in big trouble with the courts.