The Need to Disclose All of Your Assets in Bankruptcy
Hi, Matt McArthur, bankruptcy attorney at Clear Counsel Law Group.
Today, I want to talk to you a little bit about disclosing or informing the court about all of your assets and what could potentially happen if you don't tell the court about everything that you own. We know that the bankruptcy process involves a detailed accounting of everything that you own and how much that property is worth.
When you submit that information to the court, you're doing so under the penalty of perjury. It's as though you are sworn in under oath in the court, raising your right hand and swearing to tell the truth, the whole truth, and nothing but the truth.
It's exactly that same level of gravity when you're submitting this information in your documents to the court.
Why You Must Disclose
If you intentionally omit or intentionally leave out, or hide a certain type of asset because you're worried about the court taking it from you and the court discovers that you have intentionally lied to them, this is a federal offense, it is committing perjury. Which can carry criminal penalties and it's something that you definitely want to avoid.
There is no sense in playing any games with taking any kind of risk with getting in trouble criminally. Moreover, if you come in and speak with an experienced bankruptcy attorney and disclose all of your assets to your attorney, they'll be able to help you plan for the protection of these assets. They'll let you know exactly what exemptions exist.
Disclose Because There are Exemptions!
I was speaking with a friend just recently about one of the exemptions in Nevada that not many people think of and it's of a gun. If you have a gun, one gun, we can protect up to unlimited value. It can be a very expensive gun and it's protected.
There's all kinds of oddball exemptions that you may not really think of. There's also what we call a wild card exemption, something that we can apply to any personal property.
Please come in.
If you're worried about keeping your assets, if you're worried about whether or not to tell the court about something that you own in bankruptcy, please come and speak with me. Matt McArthur, I'm an experienced bankruptcy attorney.
I have a lot of experience looking through people's assets, determining how much we'd be able to protect, and what we wouldn't be able to protect.
Getting that information is free.
Losing that property could be a very painful process if you don't properly prepare for filing your bankruptcy by meeting with someone like me.
Please come in and see me.
We'll talk about filing your bankruptcy and protecting your stuff so that the court doesn't take it and give it to your creditors.
Hope to hear from you soon.