subject: When Filing Bankruptcy, List Everything Financially Important, Do Not Conceal Anything [print this page] When Filing Bankruptcy, List Everything Financially Important, Do Not Conceal Anything
Filing bankruptcy is a legal procedure conducted under the scrutiny of the law, therefore you will be swearing and signing documents that everything is true. While filing the bankruptcy documents, your bankruptcy lawyer will make sure that you have represented your entire financial health completely and truthfully. Do not leave out anything financially worthy while filing your bankruptcy documents. Make certain that you include things like your assets, income, debt and names of creditors. If you file incomplete or inaccurate information, your bankruptcy case can be dismissed, or worse, you can be fined or jailed for committing bankruptcy fraud.
Disclose every single asset you possess
Do not attempt to hide assets with any monetary value because if the bankruptcy court finds evidence of it, your entire bankruptcy case can be thrown out of court. It is also possible to receive fines or jail time if the bankruptcy court finds you guilty of perjury.
Disclose every creditor that you owe money to
Do not let your emotion carry you away and not list creditors that you have personal relationship with. You want to make sure that the information in the bankruptcy documents are complete and valid. If there is any inaccuracies, the bankruptcy courts might get suspicious of the rest of the bankruptcy documents.
Do not forget to list every creditor in the bankruptcy documents
There is a chance that a particular debt will not be discharged if you forget to list the creditor in the bankruptcy documents. Even if you do not remember every little detail of the debt, list down the major sticking points: amount of debt, when the debt occured. Even if you choose to keep the debt afterwards, you can always change the debt status at a later time during the 341 meeting.
If you forgot to add certain debt and its creditor on the bankruptcy documetns, you will be given the chance to do during the 341 meeting with the trustee. Don't make the mistake of not taking this chance to give yourself a new chance to start new when you have filed for bankruptcy. You are allowed to keep a particular debt as long as you state it in the bankruptcy documents. It is better to be safe than sorry.
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