Continuing on the theme of the Bankruptcy ABC’s, this post will discuss the letter “D”, as in “Disclosures”.
As a Colorado Springs Bankruptcy Attorney, my office is considered to be a “Debt Relief Agency” under the Bankruptcy Code. As such, I’m required to provide potential clients with two separate disclosures.
The first disclosure provides:
- A brief description of the various Chapters under the Bankruptcy Code and the general purposes, benefits and costs of proceeding under each of the chapters;
- A brief description of the types of services offered by credit counseling agencies; and
- A statement advising that anyone who knowingly and fraudulently conceals assets or makes a false statement under penalty of perjury in a bankruptcy case can be subject to a fine, imprisonment or both; and
- That all information supplied by the debtor in connection with a bankruptcy case is subject to being examined by the office of the Attorney General.
This first disclosure is also required to state four other things:
- All information provided with your bankruptcy petition must be complete, accurate, and truthful.
- All assets and liabilities must be completely and accurately disclosed and the replacement value of each asset must be stated in those documents.
- Current monthly income, the amount specified in the Means Test, and disposable income in Chapter 13 cases must be stated accurately after reasonable inquiry.
- Information that you provide during your bankruptcy case may be audited, and the failure to provide such information may result in dismissal of the case or other sanctions, including criminal sanctions.
Disclosure number two is much more specific and is meant to advise the potential client that:
They need not, but may, hire an attorney to file their bankruptcy case, or they can, in some localities, hire the dreaded Bankruptcy Petition Preparer who is not an attorney.
If they meet with an attorney or BPP, they should receive a written contract specifying what will be done for them and what the charges will be.
The second disclosure will also advise the potential client that if they file a Chapter 7 case, a creditor may request that the reaffirm a debt.
Finally, at the bottom of the required notice, the potential client is again reminded they are allowed to represent themselves in case of litigation in their case, but that only attorneys, and not bankruptcy petition preparers may give them legal advice.
If you come to see me about filing for bankruptcy here in Colorado Springs, expect to receive the disclosures discussed in this post.
Other, non-Colorado Springs Bankruptcy Attorneys have posted about the letter “D”:
Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein: D is for Debt Relief Agency
New York Bankruptcy Lawyer, Jay S. Fleischman: D is for Debtor
Taylor Michigan Bankruptcy Lawyer, Christopher McAvoy: D is for Debtor
Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell: D is for Deconsolidate
Northern California Bankruptcy Lawyer, Cathy Moran: D is for Discharge
Los Angeles Bankruptcy Attorney, Mark J. Markus: D is for Discharge
Kona Bankruptcy Attorney, Stuart Ing: D is for Discharge
Daniel J. Winter, Chicago Bankruptcy Attorney: D is for Discharge
Marin County Bankruptcy Attorney, Catherine Eranthe: D is for Disclose
Jacksonville Bankruptcy Attorney, Monica D. Shepard: D is for Divorce
San Francisco Bankruptcy Attorney, Jeena Cho: D is for Do’s and Don’ts
Philadelphia Bankruptcy Lawyer, Kim Coleman: D is for Documents
Philadelphia Suburban Bankruptcy Lawyer, Chris Carr: D is for Domestic Support Obligation
Cleveland Area Bankruptcy Lawyer Bill Balena: D is for DUI, DWI, OVI
