Bankruptcy petition mistakes
It is critical to remember that your bankruptcy petition must contain a complete and total disclosure of all your assets and debts. Not just the debts you wish to disclose or discharge, but all debts including potentially non-dischargable debt like student loans and taxes. That being said the following list contains common omissions that clients often "forget" or fail to disclose on their petition:
- Wedding Rings.
- Land or houses in another state maybe you inherited .
- Business entities you started or owned in the last 6 years even if no assets.
- 401K's or pensions with very little value.
- Life Insurance provided by an employer.
- Transfers of houses or cars.
- Those random 20 shares of stock that was a gift from grandma or your employer.
- Payments to friends or family must be disclosed.
- That medical provider or family member you don't want to list as a creditor.