Do I have to disclose all of my assets in a Florida bankruptcy?
Yes. Whether a debtor files for chapter 7 or 13 bankruptcy relief, the debtor must disclose all assets that are in his or her name. That does not mean go out and take your name off assets retitle personal property. That is a very quick way to have your bankrptcy case dismissed and you could subject yourself to federal charges for trying to defraud the court.
Listing all assets includes all bank accounts where you are listed as an accountholder, all vehicles in your name, all retirement accounts, all stock plans, etc. It even includes your clothes and household appliances. Many clients always ask me, "Why do I have to list all of my assets if I am filing for Chapter 13 relief?" The answer is because the federal bankruptcy code and the courts say you do.
Also, in a chapter 13, a debtor's unsecured creditors must recevive a distribution over the life of the plan of what they would have received had the case been filed under chapter 7. That is why the debtor must still apply exemptions in the case.
If you have questions about Florida Divorces or Bankruptcy Law contact a Florida Attorney
Greg Gilbert
Keith Maynard
