What do you mean by “cash” when completing my bankruptcy schedules?

14 Dec What do you mean by “cash” when completing my bankruptcy schedules?

One of the questions you will need to answer when you file your bankruptcy schedules is how much cash you have.  This means how much cash you have in each and every bank account, savings account, money market account, buried somewhere, someone else is holding for you, that you have  on your person, in your wallet, in your piggy-bank, in the cookie jar, and so on.   

Most people don’t have a lot of cash but I am running into more and more clients who don’t understand what cash means.  If you are not sure it falls into the cash and/or bank account category, please discuss the item in question with your attorney. 

If you don’t list everything you own, you are committing a bankruptcy crime that could cause you to not get your bankruptcy discharge.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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