Thursday, July 29, 2010

Bankruptcy and Clearing Debt

Many people who are facing serious financial strain will need to file for bankruptcy. Filing Chapter 13 or Chapter 7 bankruptcy can offer a tremendous amount of relief, but when it comes to paying debt back to creditors on a payment plan set up by the bankruptcy court, it's always in the best interest of everyone to come completely clean.

For some this may be difficult to face as certain assets don't just represent a monetary value -- there may be an emotional attachment to certain assets, many priceless memories of a life lived in a home that must now be used to pay off debt.

If we look at the most recent headlines we see that hiding assets is a very bad idea, and that in most cases, people who take part in this activity will be caught. Take the case of Teresa and Joe Giudice -- now in the headlines for hiding assets from the trustee of their bankruptcy, John Sywilok. Now the couple will face investigation for the accusations and their whole lives will be under a microscope.

The best thing to do is tell your bankruptcy attorney exactly what is going on so he can give very precise details to the bankruptcy court and your bankruptcy trustee. In the end you will be much better off, and debts will be paid off more easily.

Contact your Vancouver bankruptcy attorney today to begin the debt relief process.

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