Many debtors, who are delinquent on some debt and current on others, wonder if they need to include the debt that's in good standing in their bankruptcy filing. The simple answer is YES, you must include all of your debts and assets in your bankruptcy filing. Failing to include all of you debts and assets in your bankruptcy filing can jeopardize your case.
For example, if you have a home that you own without a mortgage, you will need to include that home as an asset in your bankruptcy case. Or, if you have a car payment that is current and on time you still need to include it in your bankruptcy filing.
What Needs to Be Included in Your Bankruptcy Filing?
Examples of other things that must be included in your bankruptcy filing:
- Mortgage free homes or commercial property.
- Money owed to friends and relatives.
- The value of personal belongings such as clothing, books, music collections and other household goods, which is usually totally exempt.
- Bank Accounts
- Current or possible future lawsuits
- Inheritance (received or expected)
- Investments (stocks, bonds, mutual funds, interest in a business, etc.)
Have Any Bankruptcy Questions? Let Us Know
To find out more about what must be disclosed in a bankruptcy filing, you always contact us to submit any questions or to set up a free consultation.