Why do I have to list everything I own?

March 11, 2013

I have been asked this question by several new clients recently. So I guess it’s time to re-visit this topic.

When a person files for bankruptcy there are limits to what they can keep. Those limits are fairly generous and it is rare that a client will lose an asset they had hoped to keep.

In order to know which assets can be protected and which assets may exceed the limits, a person must list everything they own. It is highly unlikely (but not impossible) that someone will visit your house to view your property. If you conceal property or try to give it away so that they don’t have to list it, that could cause huge problems for the case and could even result in criminal prosecution.

If you have more assets than can be protected, good lawyers can often employ strategies to help you keep the items. So you are better off to be honest with your lawyer than to try to hide things.

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