Bankruptcy Schedules Require Disclosure of All Property

Disclosure of All Property

When you file for chapter 7 or chapter 13 bankruptcy, you are required to disclosure and list all of your property in bankruptcy schedules A and B that you own on the filing of your bankruptcy - the petition date. This includes all types of property, whether tangible or intangible.  This also includes property (a) wherever located - even if it is in another state or country, (b) another person may be holding for you,  (c) that you may have been given as a gift, (d) really owned by you, but in the name of another person, or (e) of no value.

You are also required to submit supplemental schedules if you acquire or become entitled to the following items within 180 days after you file for bankruptcy: (a) inheritance, (b), property from a marital settlement agreement or divorce decree, and (c) life insurance policy proceeds.In chapter 13, you are required to submit supplemental schedules when you acquire certain types of property that you acquire during the three to five year duration of your chapter 13 plan. Any failure to list property may subject you to a denial of your bankruptcy discharge or other civil and criminal penalties.  
Rights to Sue/Causes of Action

All actual or potential causes of action you hold at the time of the filing of the bankruptcy case  (i.e. your right to sue someone for damages, etc. including personal injury claims and employment cases.) must be disclosed as an asset in the bankruptcy schedules. This includes cases presently pending and cases you have not yet filed, but may decide to bring in the future.  If you fail to schedule such causes of action, in addition to the above‑mentioned penalties, you may entirely lose the right to bring and lose your recovery for ("judicial estoppel") the cause of action against the other party.
(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases and Mortgage Modifications