Common Property Interests that Require Complete Disclosure During Bankruptcy

  1. Personal Bankruptcy
  2. Common Property Interests that Require Complete Disclosure During Bankruptcy

Are you filing for bankruptcy in Tennessee or Georgia? Do you know what property you are required to disclose for a Chapter 7 filing? The answer is straightforward. You must disclose all your property. While the bankruptcy process was designed to protect you and your property, to access the protection it offers, you must disclose every asset and every debt to the best of your knowledge. Complete disclosure is essential; without it, the bankruptcy court may dismiss the case entirely.

At the meeting of creditors, bankruptcy petitioners are usually asked if they are telling the truth. You may even hear the phrase “under penalty of perjury” to remind you that hiding assets during bankruptcy is a federal bankruptcy law violation with severe consequences.

Common Property Interests that Require Full Disclosure Include: property received through an inheritance, gifts from friends or family, bonuses or commissions, property that someone else paid for, property or assets that have no paper trail, any claims you have for money or settlements (personal injury claims or lawsuits), assets you sold or gifted during the four years preceding bankruptcy filing, possible inheritance, accounts of real estate owned by family members with your name on it, property that will be issued to you in a divorce settlement, personal debts owed to you by friends or family members, etc.

When filing for bankruptcy, your petition must list all your property alongside all your debts.

The majority of people filing for bankruptcy are hardworking, honest Americans who don’t have many options left. If you are filing for bankruptcy, make sure you provide full disclosure of all your property and all your debts to your bankruptcy attorney.

Need to file a Tennessee or Georgia bankruptcy? Get in touch with the experienced bankruptcy attorneys at the law offices of Kenneth C. Rannick P.C. today. We help good people through bad times every day, and we can help you, too.

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