ALL of your assets, property, and things you own when you file
Whether you own something outright, whether you partially own something
with someone else, whether the asset is encumbered with a loan, the law
requires that you list each asset, property and possession.
Bankruptcy law mercifully provides honest debtors with a fresh start.
However, bankruptcy law treats dishonesty harshly.
to list everything you own or have an interest may result in criminal
prosecution or no discharge of your debts or both.
Fortunately, California has favorable exemption laws that protect
property from being sold in a Chapter 7 bankruptcy. In most
cases, debtors keep ALL of their property and possessions.
in cases where the debtor has too much property to full protect,
legitimate prebankruptcy asset planning can frequently be successfully
performed so as to protect all of the property.
But NEVER engage in prebankruptcy asset protection planning without the
and guidance of an experienced bankruptcy attorney! This is
no place for
self-help. There is a right way to protect your assets, and
is a wrong way! For example, almost never should you
sell or give away property to a friend, relative or family member --
Disasterous results can flow from such action.
you have engaged in self-help asset protection planning, talk to a
bankruptcy lawyer to determine if there might be a workaround or other
means to rectify the situation.
Whatever your situation, fully disclose all assets, property and
transfers to your attorney. In most cases, with the
representation of legal counsel, you can file bankruptcy and keep all
of your property.
See also: Listing
Legal Claims and Lawsuits
on Car is Not in Debtor's Name