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Bankruptcy is a form of debt relief that was designed for individuals who cannot reasonably pay off the debt they have accumulated while still covering the basic necessities. It is not a way to “cheat the system,” and in order to prevent individuals and business owners from doing so, there are strict regulations and requirements for filing. If you want to discuss your eligibility for Chapter 7 or Chapter 13 bankruptcy, you can turn to Thomas A. Corletta, Attorney at Law in Rochester, NY.

When filing for bankruptcy, you need to fill out a statement of financial affairs thoroughly and accurately. If you attempt to conceal assets or lie about your situation in some other way, it could land you in serious legal trouble.

bankruptcyIn order to confirm you are not trying to hide any major assets, a bankruptcy trustee has the right to obtain a court order that authorizes them to search your home. If you think you can simply turn the trustee away, you may be surprised to learn the order gives the trustee the right to break doors, locks, and safes when conducting the investigation.

The trustee can get this order ex parte, which means without any prior notice, so you need to be ready because they could theoretically show up at any time. However, as long as you fill out the statement of financial affairs truthfully, you have nothing to worry about in the event of a search.

If you are considering filing for bankruptcy in New York and want to avoid making mistakes on the application, turn to Thomas A. Corletta, Attorney at Law in Rochester. You can check out his website to learn more about his areas of practice, and call (585) 546-5072 to schedule your consultation. For more information, reach out to the law firm on Facebook.

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