Tag: owe

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What happens if I don’t tell the whole truth to the Bankruptcy Court?

Many people wonder why their bankruptcy attorney has to ask so many personal detail questions. The short answer is because the law requires that you disclose all of your assets (which means everything you own), all of your debts (everyone you owe), all of your income (whatever the source), and all of your expenses (what you spend your money on). And no, “I don’t know” is not an ok answer to any of these questions.

So what if you don’t tell the court everything? What’s the worst that can happen? A slap on the hand? Not so fast. You could face a hefty fine, or time in a federal prison, or both. That’s after the FBI investigates you and asks even MORE personal detail questions.

Still not convinced that they actually prosecute people for not telling the Bankruptcy Court the truth, the whole truth, and nothing but the truth? Take a look at this FBI press release to see what a doctor in Georgia did not tell the Court, and what he’s facing now. http://www.fbi.gov/atlanta/press-releases/2013/macon-doctor-indicted-for-bankruptcy-fraud

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How can I find out who I owe?

If you do not keep your bills as they arrive, you can get one credit report for free every 12 months. Go to www.annualcreditreport.com. There, you will need to enter some personal information and answer some questions to get your report. Remember, you can only get one free one every 12 months. Sometimes you will receive a message that says they cannot provide your report on the website, but you can get it by mail. Do not despair! Simply print out the form, fill it out, and mail it in with the required proof of identity, and your report will soon come in the mail. Just that simple. Not everything will be on your report, and each of the three reports may be a little different, but together you should get a good idea of everyone you owe.
Still have questions? Ask an attorney! Remember, only an attorney can give you legal advice!