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Do I have to list all my belongings on a chapter 7 petition?
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Do I have to list all my belongings on a chapter 7 petition?
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Chapter 7 Bankruptcy - Learn about the most common type of Bankruptcy.
Chapter 13 Bankruptcy - Options for homeowners and filers with high income.
Process of a Bankruptcy Case - Find out what's involved in filing a bankruptcy case.
Property and Exemptions in Bankruptcy - Find out how your property is (or is not) protected.
Your Home in Bankruptcy - If you're a homeowner, find out what happens to your house.
Your Car in Bankruptcy - Learn about your options to keep (or surrender) your car.
Using a Bankruptcy Lawyer - Find out if you need a lawyer and how to pick a good one.
Chapter 13 Bankruptcy - Options for homeowners and filers with high income.
Process of a Bankruptcy Case - Find out what's involved in filing a bankruptcy case.
Property and Exemptions in Bankruptcy - Find out how your property is (or is not) protected.
Your Home in Bankruptcy - If you're a homeowner, find out what happens to your house.
Your Car in Bankruptcy - Learn about your options to keep (or surrender) your car.
Using a Bankruptcy Lawyer - Find out if you need a lawyer and how to pick a good one.
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Whether you file a Chapter 7 or a Chapter 13 bankruptcy case, you must disclose all of your assets and all of your debts. The Bankruptcy Code also requires you to disclose any property which you may receive in the future, including inheritances, payouts from life insurance policies, income tax refunds, and settlements or judgments arising from any lawsuits which are pending or which you may file during your bankruptcy.
Deliberately failing to accurately and completely disclose your assets, debts, and overall financial situation to the court may be deemed bankruptcy fraud. Because you will be signing your bankruptcy petition and schedules under penalty of perjury, failure to disclose all of your assets and debts could subject you to various penalties ranging from dismissal of your case to hefty fines and jail time.
If, after filing bankruptcy, you realize that you have forgotten to list a creditor, an asset, or any other information which is pertinent to your case, you may amend your petition and schedules. Your bankruptcy attorney can assist you with filing the appropriate forms necessary to amend your petition and schedules.
Many people intentionally omit property they wish to retain from their bankruptcy schedules because they assume that the bankruptcy trustee will seize it. However, in most Chapter 7 cases, this does not happen. Most Chapter 7 debtors have few assets and the assets they have have little value. So, in most instances, the debtor’s exemptions protect their assets from the reach of the bankruptcy trustee, enabling the debtor to retain them.
If you have questions about Chapter 7 or Chapter 13 bankruptcy, you should contact a qualified bankruptcy attorney. A bankruptcy attorney will explain how bankruptcy works and will review your case to determine whether bankruptcy is the best option for you.
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