Why Should You Disclose All Assets?
You must sign your bankruptcy papers under penalty of perjury, swearing that everything in them is true.
You're Swearing That:
- Forms Are Complete
- ALL Property, Income, & Debts Listed
Filing incomplete or inaccurate bankruptcy forms can lead to your case being dismissed -- or worse, if the court thinks you left out information or made statements that aren't true on purpose.
Tell the Whole Truth When You File For Bankruptcy. Don't get clever and try to hide property. It will come back to haunt you.
List Every Creditor
Don't Omit Creditors Just Because You Like Them
Include Money You May Have Coming To You
- An inheritance From Recently Deceased Relative That You Haven't Yet Received
- Stock Options, Trust Funds, or Tax Refunds
- Pensions, Retirement Funds, Annuities, & Life Insurance
- Judgments from Lawsuits You've Filed or Could File, Arising From Personal Injury or Other Matters
Don't Deliberately Hide Assets or Other Financial Details
The punishment for fraud is serious. Jail time is not unusual for those who try to hide property from the court and get caught.