Thursday, April 8, 2010

When filing for Bankruptcy, what financial information do I need to disclose?

Everything you own and every debt you owe must be completely and accurately disclosed in the documents filed to commence this case. Bankruptcy is not a "pick and choose" proceeding. You should not leave some debts in and leave some debts out. Everything should be included. You must value each item you own at the rate it would cost you to replace the item with one of the same condition, age, and usefulness. The information you give to an attorney, a staff member of the law firm, the Bankruptcy Trustee, or the Bankruptcy Court that is provided with your petition and during the case must be complete, accurate, and truthful.

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