Do I Have to List All of My Assets When I File For Bankruptcy?

Categories: Bankruptcy Law Overview, Chapter 7, Exemptions

The short answer is yes.  Remember that you are signing your bankruptcy papers under penalty of perjury that everything is true, correct and complete. Section 521(a)(1) of the Bankruptcy Code requires that you promptly file detailed information regarding your creditors, assets, liabilities, income, expenses and general financial condition. At your meeting of creditors, you will testify under oath that the information contained in your bankruptcy papers is true, correct and complete.

Form B201-Notice of Available Chapters states, “A person who knowingly and fraudulently conceals assets for makes a false oath or statement under penalty of perjury, either orally or in writing, in connection with a bankruptcy case is subject to a fine, imprisonment, or both.”  Information provided in your bankruptcy papers are considered admissions under oath and are not to be taken lightly.

If you have assets that you want to protect such as a car or home, a business or even income property, then it is important that you consult with an attorney.  We can protect many of your assets from the trustee’s taking through our exemption powers. Your local bankruptcy attorneys can guide you through the process of keeping your assets while eliminating your debt and get you back on track financially.

Photo Credit:  Henkjonker

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