This is a common question we get. Do I have to disclose all my assets? Yes, when you file Chapter 7 Bankruptcy, you are required to sign the disclosures you make under penalty of perjury that all of the information contained in the disclosures are true, correct, and complete. In other words, you are required to disclose all your assets including your home and vehicles.
Occasionally, clients get confused. They say, hey, I didn’t want my home to be a part of the bankruptcy. No, I understand that. But, in order for you to get relief from your debts, you are required to disclose the existence of all your assets. I liken this to the opposite of playing poker. In poker, you are supposed to hide your cards. That is the idea of the game right?
Chapter 7 Bankruptcy is the complete opposite of playing poker. In Chapter 7 Bankruptcy, all of your cards must be put on the table face up. Full disclosure is what is required in Chapter 7 Bankruptcy. Those who fail to fully disclose all assets risk losing their discharge and getting prosecuted for bankruptcy fraud crimes.
The opposite of what people worry about happens. If you don’t list all of your assets, that is when you risk losing the asset not listed. Conversely, the asset listed and exempted property is rarely lost to the Chapter 7 trustee unless the exemption is objected to and the court sustains the trustee’s objection.
So regardless of whether you want to keep your home or your vehicle, you must still list them on the bankruptcy schedules.
CONCLUSION
When the time is right, or when you are ready, reach out to Minnesota’s law firm with the BEST COSTUMER SERVICE EXPERIENCES at www.kainscott.com. You will be glad you did!
