A United States Bankruptcy petition has nine different certifications declaring that everything in the petition is true and correct, under penalty of perjury. It’s not a word to be trifled with in the least. Nor are bombs and terrorist plots on flights.
When filing a petition under any of the chapters of the Bankruptcy Code, it’s important to recognize the gravity of the situation. The Trustee’s job is to do a thorough job of inquiry into ALL assets, values of such assets, items of income, and other pertinent data (which is about anything and everthing affecting finances), and to be a finder of fact, and to require the plain, unadulterated truth. In essence, it’s a financial “bare-naked, full cavity search”.
When petitioning the Court for relief, it has to be for an honest hardship, with an honest evaluation of what assets are there to repay the creditors to some extent. On one hand, there is nothing wrong with making intelligent yet honest use of the exemptions afforded you under the code, yet on the other hand, it must be truthful.
The Transportation Safety Commission is under a lot of heat lately, trying to find a delicate balance between being thorough by utilizing “pat downs” and “full body scanners”, and not invading the privacy we are guaranteed by the Constitution of the great country we live in. It’s a difficult job, at best.
The Bankruptcy process and getting through airport security are fraught with the same sort of problems that lie at the heart of the matter– Most people are honest. Most people would never think about bombing their fellow Americans.
As the old saying goes, a few bad apples spoil the bunch. So it is with Bankruptcy and air travel– Good, law abiding citizens who are just going about their business are exposed to high levels of scrutiny due to a few bad apples. Unfortunately, there is no way to guarantee the safe travel we enjoy without enhanced screening. And there is no way to get relief from a troubling financial situation without a thorough screening by the Trustee. These men and women are doing their jobs, and without their thoroughness and attention to detail, neither system would be reliable.
Your bankruptcy lawyer is there to help you make intelligent use of the bankruptcy exemptions. He or she is certainly not there to help the few bad apples conceal assets and deceive creditors. Since human life is anything but in a static state, sometimes there are questions as to interpretation of the financial activity vis a vis the bankruptcy code- In that case, your lawyer is there to argue the ambiguous to help bring about a fair and just result.
About the Author: Joseph M. Bochicchio, PLLC., is a licensed Charlotte, NC Bankruptcy Lawyer with nearly 2 decades of experience in finance and law. His Charlotte Debt Settlement Law Firm is committed to providing legal and ethical guidance for North Carolinians facing financial hardship.