Yes, include your information on line 12 in schedule B. If you have a whole life insurance policy with cash value, you must disclose that too. If you have any other type of insurance, disclose it. Better to err in the side of full disclosure than to omit an item. Best of luck
This answer is provided by Manuel A. Juarez, Esq., 'El Abogado Hispano de California, and it is of a general context and is not intended to form an attorney client relationship. I am licensed only in California. This information is good only in California and it is not to be taken as legal advise in any other type of situation. Esta respuesta es del Abogado Hispano Manuel A. Juarez, 510-206-4492. Abogado Hispano de Accidentes, Bancarrotas y Divorcios de Oakland, Hayward, San Francisco, y California. Esta respuesta es solo para informacion general y no forma una relacion de abogado y cliente. Soy licenciado solo en el Estado de California.
If you were thinking you could get away with lying on listing any asset in your bankruptcy, think again. Or better still, find a competent bankruptcy attorney to do your thinking for you.
Going into bankruptcy is like going into an audit with the IRS. The bankruptcy court is part of the US Justice Department & is a sister agency to the FBI. There is very little that even a cursory review about you on the government databases won't reveal, from where you have bank accounts to property you own overseas, to what you have covered on your homeowners insurance policy.
Hope this perspective helps!
You need to list ALL your debts and ALL your assets. This is the first question the Chapter 7 Trustee is going to ask you and you must be able to truthfully state that you did.
All property that is not real estate (houses, land, etc) is listed on Schedule B. This includes life insurance policies that have a cash surrender value. If you want to keep the property you also need to list the appropriate exemption on Schedule C. If it is not exempt then the Chapter 7 Trustee will take the property and use it to satisfy your debts.
You can reach Harkess & Salter LLC at (303) 531-5380 or info@Harkess-Salter.com. Stephen Harkess is an attorney licensed in the state and federal courts of Colorado. This answer is for general information only and does not create an attorney client relationship between Stephen Harkess or Harkess & Salter LLC and any person. You should schedule a consultation with an attorney to discuss the specifics of your legal issues.
It is a serious mistake to file bankruptcy without competent counsel. Do yourself a favor and find a good lawyer to heip with this.
This general response is not intended to be legal advice because I don't have all the facts. The particular facts in each instance will change the recommendation significantly. Any statements made in your posting on Avvo are not protected by the attorney-client privilege because they are shared with third parties. I require a written contract for legal services, so an attorney-client relationship may not be presumed merely by my response to an Avvo posting.
Hiring an attorney is advisable and very wise. It is like doing brain surgery on yourself even if you are a doctor. If a mistake is made it sometimes cannot be undone if it is serious. Hiring a competent attorney will protect you and your assets. All assets and liabilities must be listed and fully disclosed. If you don't exempt the property the trustee can also liquidate it to pay creditors.
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Illinois. Responses are answers to general legal questions and the receiver of such question should consult a local attorney for specific answers to questions.