CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Should You Disclose in Your Bankruptcy Filing?

financial magnificationBankruptcy Disclosure Laws

If you’re about to file for bankruptcy or you’ve begun the process of filing, you already know the answer to this question.

The answer is everything.

You must disclose all of your financial information when you file for bankruptcy. Failing to do so can jeopardize your case.

Most people file for bankruptcy to get their debts discharged. This means they will no longer be legally obligated to pay what they owe to creditors. The price of receiving this discharge is disclosure. You need to share all of your financial information with the bankruptcy court before they’ll consider discharging your debt.

Not keeping up your end of the bargain puts you at risk and could get you into a whole lot of trouble. Failing to disclose all of your assets in a bankruptcy petition is considered lying to the court and the penalties can be just as severe as if you gave false testimony under oath in a courtroom.

What If I Forget a Debt?

Even if your failure to disclose information was an honest mistake, you can still face penalties.

As a matter of fact, most failures to disclose are mistakes and the person filing for bankruptcy had no intention of concealing his or her assets, but it doesn’t matter. Failing to take your obligations seriously is just as bad as intentionally concealing assets.

If you’re beginning the filing process, it’s important to carefully read the questionnaire and provide all of the requested information. Take your time and think about the questions you are asked. Don’t dismiss an asset because it has a small market value or because you don’t think it’s important. Bankruptcy schedules ask for information about all of your assets, not just the ones that are significant or that have value.

You give the info and the court decides what to do with it.

Chances are the court won’t be interested in the majority of your assets. You won’t need to worry about the bankruptcy court taking most clothing or furniture items if you disclose the ownership of them. You’re putting more at risk by not disclosing than you are by fulfilling your obligation.

Don’t Assume Something Isn’t an Asset

It’s also important to realize what constitutes an asset. Are you waiting for or have you received a class action settlement? Are you collecting on a workers’ compensation claim? You need to include these items on your bankruptcy petition. All assets must be listed even if you think you have a legal right to keep those assets.

If you’d like to know more about what is considered an asset in bankruptcy, this information from Legal Zoom can help.;

Your attorney can help you understand the consequences of disclosing assets and explain why it’s always smarter to disclose than not disclose. He or she can also help you exempt certain assets if they are eligible and you want to shield them from the trustee.

The important thing for you to remember as someone filing for bankruptcy is that your loss is almost always far less than the value of the discharge you’ll receive when your bankruptcy is completed properly.

If you have questions about disclosure in bankruptcy or how to deal with certain assets, we can help. Contact the Bankruptcy Law Office of Robert M. Geller at 813-254-5696 to schedule a consultation.

Archive

Tampa Bankruptcy Law Blog

I’m Unemployed. Can I Still File for Bankruptcy?

Unemployed Bankruptcy Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because of...
Read More

How Will Filing for Bankruptcy Affect My Credit?

Will Bankruptcy Affect My Credit? Not paying your bills affects your credit negatively. And yet problems with credit are one...
Read More

Behind or In Default on Your Student Loan? Here’s What You Should Know

Student Loan Default If you’ve fallen behind on student loan payments or your student loans are in default, you aren’t...
Read More

Will Bankrutcy Affect My Job? Learn How Filing Affects You in the Workplace

Will Bankruptcy Affect My Job? Filing for bankruptcy raises many considerations. One of the most important is whether or not...
Read More

Can Bankruptcy Help Me If I’m Behind on Child Support?

Bankruptcy and Child Support Bankruptcy can help you with a lot of things. It can help you stop calls from...
Read More

Can You File for Bankruptcy When You’re Unemployed?

Bankruptcy and Unemployment Being in debt is bad enough, but if you’ve lost your job recently or accumulated debt because...
Read More

Bankruptcy and Eviction History

Eviction With the rate of evictions on the rise in recent months and the expectations that eviction numbers will grow,...
Read More

What to Expect Once You’ve Decided to File Bankruptcy from Home

File Bankruptcy from Home There are a few things that happen when you file bankruptcy from home. An automatic stay...
Read More

Will Filing for Bankruptcy Affect My Job Search? What You Need to Know about Unemployment and Bankruptcy

Unemployment and Bankruptcy Searching for a job when you are faced with a dire financial situation is difficult. If you’ve...
Read More

Will I Need to Go to Court If I File for Bankruptcy?

File for Bankruptcy from Home One of the most intimidating aspects of filing for bankruptcy is meeting in person with...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo comodo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions