Do I have to disclose all of my financial details when filing for bankruptcy?

When you are filing for bankruptcy, it is very important that you tell us the whole truth about your financial situation.  If we have a full understanding of your circumstances, we will be better equipped to help you protect your assets.  Having this information upfront, will also help us work with the courts to get you the most favorable outcome.

When you meet with us, you’ll be asked a number of questions. Each question is relevant to your bankruptcy case and it is likely information that will need to be disclosed on your petition.

In general you can expect questions like:

  • Do you own any real estate? Have you ever owned any real estate?
  • Have you paid back any family or friends over the last year?
  • Have you sold or transferred any property?
  • Have you taken any recent cash advances from your credit cards?
  • Do you have any stocks or bonds? What bank accounts do you have?
  • Have you been in business for yourself at all in the last six years?

There are Consequences for Not Telling the Truth

Failure to tell the whole truth can have serious consequences. Any knowing or fraudulent concealment or false statement is punishable under federal law. The U.S. Attorney’s office, and the Federal Bureau of Investigation—yes, the FBI—investigate bankruptcy fraud.  A conviction comes with up to a $250,000 fine, up to five years in jail, or both.  Your discharge can be denied as well, and typically the discharge is the main reason people file bankruptcy in the first place.

Keep this in mind as you assist us in preparing your case and as you testify at your meeting of creditors. If you’re concerned about protecting your assets, have an upfront conversation with us about it.  Working with us and being honest about your circumstances is your best chance at securing what is important to you.

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