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DO I HAVE TO DISCLOSE ALL OF MY PROPERTY AND ASSETS?


Yes, you must disclose ALL of your assets, property, and things you own when you file bankruptcy.  

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.  Failure 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.  Even 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 assistance and guidance of an experienced bankruptcy attorney!  This is no place for self-help.  There is a right way to protect your assets, and there is a wrong way!  For example, almost never should you transfer, sell or give away property to a friend, relative or family member -- Disasterous results can flow from such action.

If 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.

                Title on Car is Not in Debtor's Name

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 Disclaimer

Under the new bankruptcy laws, Christian attorney, Matthew Tozer is a debt relief agency because he helps people file for bankruptcy relief under the Bankruptcy Code.

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