The One Thing I Really Want Bankruptcy Clients To Do Is…

Tell me about all of their property.  Not just the things they want to keep, or the things they owe money on, but all of their property.

The bankruptcy petition requires you to list all of your assets and all of your debts.  That includes the house, the car, the boat and even the old, broken down travel trailer in the garage. 

Often, my clients don’t seem to realize that all property includes things they don’t want to keep and things they think are worthless.  Nothing is quite so frustrating as to not get all of the proper information until after the paperwork is done and the bankruptcy is filed.

It is often the case that an old car that wasn’t worth anything can become a problem in a bankruptcy if it wasn’t listed, but would have been ignored if it had been included in the paperwork in the first place.  That’s frustrating for the client, the trustee and the attorney. 

Everything needs to be listed, even if you have just a fractional interest in the property, and even if you are just holding the property for someone else (like the car you bought for your adult daughter, but is still in your name).  When in doubt, tell your bankruptcy attorney about everything, and he or she will sort it out.