Q.Do I Have To Disclose All Of My Assets?

A.Yes. If you file for bankruptcy, you must disclose to the bankruptcy court all your property, assets, current income and its sources, and your monthly living expenses. You must also disclose all property you owned during the previous year, and property you sold, or gave away, during the past two years. If you fail to disclose assets, or if it can be shown that you disposed of assets just before you filed, your case could be dismissed. It also constitutes a felony to fraudulently and knowingly hide any assets from the court, and the offense is punishable by heavy fines and incarceration for up to five years. Consult a local attorney for more information about how to properly disclose your assets.

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