Bankruptcy Offers Fresh Start by Forgiving Debts
Bankruptcy Offers Fresh Start by Forgiving Debts Whether you are an individual or a company, bankruptcy offers a fresh start by forgiving debts. However, if you decide to file for bankruptcy, you should know the ins and outs of filing and how you can protect your assets. Here are some tips: Avoid transferring assets Whether you’re thinking of filing for bankruptcy or you have already filed, transferring assets may be a mistake. This is because bankruptcy is designed to protect creditors, and fraudulent transfers can have serious consequences. The court will scrutinize any sale of property that leaves the buyer insolvent. Similarly, a court will also scrutinize a transfer of property that leaves the buyer with less than fair market value. The first step in avoiding a bankruptcy fraud is to file a Statement of Financial Affairs with the court. This requires you to list all your assets and debts. You should also keep documentation on hand. This will help you with your case and keep ...