CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

What Should You Disclose in Your Bankruptcy Filing?

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.

Tampa Bankruptcy Law Blog

How Much Time Will Your Bankruptcy Take?

How Much Time Will Your Bankruptcy Take?

Does Bankruptcy Take a Long Time? If you’re facing financial challenges and ongoing harassment by creditors, the last thing you...
Read More

How to Stop a Debt Collector from Wreaking Havoc on Your Life

Creditor Harassment, Debt Collectors There’s no denying it: debt collectors can create a significant disturbance in your life. They’re annoying,...
Read More
What Happens After Bankruptcy Discharge?

What Happens After Bankruptcy Discharge?

Bankruptcy Discharge One of the most exciting things that will happen to you when you file for bankruptcy is receiving...
Read More
What Should You Disclose in Your Bankruptcy Filing?

What Should You Disclose in Your Bankruptcy Filing?

Bankruptcy Disclosure Laws If you’re about to file for bankruptcy or you’ve begun the process of filing, you already know...
Read More
What You Should Do If a Creditor Sues You

What You Should Do If a Creditor Sues You

What to do if a creditor sues Receiving notice you’re being sued by a creditor can be one of the...
Read More
What’s the Scariest Thing about Bankruptcy?

What’s the Scariest Thing about Bankruptcy?

Managing Fear In Bankruptcy Filing for bankruptcy can be scary, but not nearly as scary as dealing with overwhelming debt...
Read More
Does a Trust Protect Assets in Bankruptcy?

Does a Trust Protect Assets in Bankruptcy?

Trusts and Bankruptcy Trusts are popular in the asset protection industry and many promote them as a way to remove...
Read More
How Do You Know if a Creditor is Violating a Bankruptcy Discharge?

How Do You Know if a Creditor is Violating a Bankruptcy Discharge?

Creditor violations of debt discharge in bankruptcy Filing for bankruptcy offers a variety of benefits, the most important of which...
Read More
Three Secrets to Securing Chapter 13 Success

Three Secrets to Securing Chapter 13 Success

Finding Success Filing Chapter 13 Bankruptcy Chapter 13 bankruptcy is a valuable tool that allows you to manage debt without...
Read More
How Bankruptcy Can Change Your Life

How Bankruptcy Can Change Your Life

Bankruptcy is not Magic Alleviating financial distress by filing for bankruptcy can seem like life-changing magic. Bankruptcy can change your...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


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

Pay OnlineBankruptcy Courses

comodoavvo1avvo2avvo3LEA

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


Tampa Bankruptcy Lawyers Map

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





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.