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Do you have to disclose all your property when you file bankruptcy?

When you file bankruptcy, do you have to list all the property you own? Yes. It is a debtor’s responsibility to completely disclose all the property the debtor owns. Once you file bankruptcy, you must declare and swear that all your property is listed. If you declare all your property is listed, but it is not truly listed, then you have committed intentional and fraudulent omissions that are criminally punishable and will result in your discharge being denied. This means you can go to prison and the discharge of your debts would not occur.


If you learn of an inaccurate or incompleteness in your bankruptcy, you should correct the mistake. If the trustee asks for an inventory of your property, you must fully cooperate. You have a duty of honesty when you file bankruptcy. You cannot have intent to conceal property.


If you do not cooperate with your attorney, the attorney can file a Motion to Withdraw and include evidence that the attorney tried to get you to disclose the assets.


Other property that must be disclosed is property received within 180 days after the case is filed. This means that even if you do not have, for example, an inheritance when you file bankruptcy, if you receive one within 180 days after filing, you must tell the Court. This applies also to life insurance and divorce settlements.


Just because you must disclose your property does not mean you will lose your property. There are many exemptions available in bankruptcy, which means you can keep some, most, or all of your property. This depends on your individual circumstance. This is a reason why you might need a bankruptcy attorney.





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