Bankruptcy Rules on Incoming or Potential Income
In some cases, a person may not have received money yet or is still expecting an asset to increase in worth. If this occurs, that debtor may need to make a full list of these assets and properties. A debtor may also need to make a note of the estimated value of these assets and this property. Failing to properly document all assets and property can lead to penalties that any debtor wants to avoid.
If you’re unsure about how to handle a particular piece of property during your bankruptcy, you may want to work with an attorney to settle questions about property and assets that haven’t reached their full value. An experienced legal advisor can address these questions and concerns, as well as other tricky situations during the process. For more information about your options as a debtor, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.
Uncertain Values for Assets
Bankruptcy can be significantly more difficult when a person isn’t sure exactly how much they own due to fluctuating values in property or assets. This confusion can be particularly problematic with the following assets or properties:
- Expected values of inheritance
- Tax refunds
- Life insurance
- Pending lawsuit judgments or settlements
While these all must be listed during bankruptcy, a person may not know precisely how much they’re worth in the future. Additionally, a person may not necessarily even own these properties or assets, but it’s possible that they will in the future, making determining their financial worth difficult with regards to filing for bankruptcy.
If you’re thinking about filing for bankruptcy, but aren’t certain about how to work through the complicated process, we may be able to assist you. For a free consultation with a reliable, knowledgeable attorney, contact a Florida bankruptcy lawyer of Ryan J. Really, Attorney at Law, PLLC, today at (239) 237-0675.