Honesty and full disclosure are required to get a bankruptcy discharge, but the odds of your case being audited are low. One in 583 cases out of 1.4 million bankruptcies filed was chosen for audit in fiscal year 2009. Compare that with a little more than one in 100 tax returns audited by the IRS. [...]
bankruptcy schedules
The bankruptcy estate consists of not only assets in the possession of the debtor but also their rights to stuff they don’t yet have. So if you will be entitled to a refund for 2009′s taxes and you file before you receive the refund, that right to payment is part of the bankruptcy estate. My [...]
When you file your bankruptcy case, make sure you have all of your assets listed. Leaving property off of your schedules can get you in trouble with the court and, in some cases, can make you and your lawyer look downright silly. For example, we all know used clothing isn’t worth anything. However, if you [...]
