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disclose assets in bankruptcyIf you are considering filing for bankruptcy, you will probably meet with your attorney for an initial consultation then be asked to fill out an in depth bankruptcy questionnaire in which you will be asked to disclose all information to your bankruptcy attorney. Most debtors generally don’t like filling out such an in depth questionnaire as it takes up a lot of time and effort to complete, which is understandable. However, know that the bankruptcy questionnaire is designed with keeping your best interest in mind. You see, there are consequences which can occur if you fail to disclose an asset or transfer property prior to filing bankruptcy which can lead to you not receiving a discharge of your debt. The questionnaire lets your bankruptcy attorney know whether your case is safe to file now, or whether it would be a good idea to wait several months prior to filing.

If you don’t know all of the information sought in the questionnaire off hand, then it is in your best interest to go look up the information so that we can disclose all of the required information on your bankruptcy petition. Not stating assets or transfers of assets on a bankruptcy petition can be considered fraudulent activity and the bankruptcy court takes this very seriously. When in doubt you should ask your attorney whether you need to disclose certain assets and transfers prior to filing. The answer will probably be yes, so it is better to be safe than sorry and write the information down to alert your attorney. Now is not the time to try to be sneaky or pull a fast one. The benefits do not outweigh the burdens and you could find yourself wondering why you even filed for bankruptcy in the first place as failure to disclose assets or transfers of assets may result in you losing an asset or no receiving a bankruptcy discharge.

If you have additional questions on whether you will need to disclose certain asset when filing your bankruptcy case, call Symmes law Group today and schedule your free consultation at 206-682-7975

  • Richard Symmes

    Hi, Richard here.

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