Bankruptcy: You Must List Everything

15 Mar Bankruptcy: You Must List Everything

If you are thinking about filing bankurptyc, tellyou attorney about all of their property. Not just the thingsyou want to keep, or the things you 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 inthe bankrutpcy, 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.

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.
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