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. The following is a list of the top 10 issues that debtors often "forget" or fail to disclose on their petition:
- Wedding rings.
- Land or houses in another State. (includes jointly owned inherited property)
- Business entities you started or owned in the last 6 years even if no assets.
- 401K's, IRA's, Annuities, or pensions with very little value.
- Life Insurance. (often provided by an employer)
- Transfers or sale of houses or cars.
- Those random 20 shares of stock that was a gift from grandma or your employer.
- Payments to friends or family for money they loaned you.
- That medical provider or family member you don't want to be sent notice you filed.