When filing for bankruptcy, you will need to follow a number of very specific steps in order to be eligible for having some of his debts discharged. One key step in this process is fully disclosing all of your bankruptcy assets. This includes homes, cars, boats, bank accounts, retirement funds, furniture, clothing, jewelry, etc. that you own at the time of filing. Additionally, you will need to disclose all of your outstanding debts (including all co-owned debts), such as all credit cards, mortgage and car payments, etc. Failing to accurately disclose all of your personal assets can cause the court to dismiss your case. This means that your debts will not be officially discharged. It will also prevent these assets from receiving protection from the bankruptcy proceedings. This means that creditors or a bankruptcy Trustee may be able to seize them at a later point.
Consequences of Failure to Disclose All of Your Bankruptcy Assets
Failing to disclose all of one’s assets can have other severe consequences in the event that criminal fraud charges are filed against that individual. Upon conviction of fraud charges, an individual can face jail time, additional expensive fines, and a permanent criminal record that may seriously damage his career. When considering filing for bankruptcy, it is important to point out that:
Working with an experienced bankruptcy lawyer can make a dramatic difference in the outcome of one’s case.
Borrowers should disclose all of their assets to their attorneys to prevent future complications to their case.
There are some assets that will be exempt from bankruptcy proceedings. A skilled lawyer can help point these out.
If you are considering filing for bankruptcy, be sure to talk to our trusted bankruptcy lawyers first. We can give you expert advice and provide you with the best options for moving forward. We understand that each case is unique. Moreover, we are dedicated to helping those in debt resolve their financial headaches so they can live productive lives.