A bankruptcy petition results in an immediate order staying all actions against the debtor and the debtor’s property. The purpose of the stay is to allow the debtor relief from collection efforts and to permit the orderly disposition of the debtor’s estate.
Bankruptcy law imposes certain limitations on a debtor’s ability to obtain a discharge of the debtor’s debts. One limitation is the debtor’s obligation to accurately and completely disclose the debtor’s finances in the schedules that are required as part of any bankruptcy filing. When a debtor knowingly submits incomplete or otherwise inaccurate schedules, the court… read more