An important part of my role as a Bankruptcy Lawyer is providing guidance to Debtors on the United States Bankruptcy Code. I emphasize bankruptcy asset disclosure requirements. This is one part of the significant facts that a NJ Bankruptcy lawyer gathers to file a bankruptcy case.
The information is needed to determine which bankruptcy is right for Debtors. I always advise Debtors to disclose and understand all asset types.
The Bankruptcy Code is complex but Bankruptcy rules are specific as to full disclosure https://www.law.cornell.edu/uscode/text/11/521 .
You must disclose all of your assets. During my bankruptcy discussions and meetings with my clients, bankruptcy clients overlook small assets. Bankruptcy clients are not deceptive. The small, personal assets sometimes slip their minds.
Examples of bankruptcy assets:
- Jewelry, Automobiles, Houses, Stocks, Bonds, Collectables, Guns, Cash, Bank Accounts, Furniture
This above list is not complete. This list provides a flavor of assets which are evaluated.
One of my clients is a former Olympic skater.
Her Bronze Medal is a sentimental and a valuable asset. My client, the debtor, was transparent and disclosed this asset. This New Jersey Chapter 7 Debtor kept her Bronze Medal.
Not all Debtors provide full Bankruptcy asset disclosure when they file bankruptcy. Below is an example: Boris Becker.
A famous tennis star Boris Becker did not disclose all of his assets.
This bankruptcy debtor is facing a minimum of 28 charges for failure to disclose his assets in his bankruptcy. Allegedly, he did not disclose his 1985 Wimbledon Trophy, 1985 and 1989 President’s Cups, 1988 Davis Cup gold coin, just to name a few.
As a NJ bankruptcy lawyer, I never want any of my clients charged with bankruptcy fraud. I am clear that being honest and transparent with full disclosure is essential in bankruptcy.
Filing bankruptcy requires an Attorney who specializes in NJ Bankruptcy Law.
I am a Board Certified Bankruptcy attorney Ralph A. Ferro, Jr., Esq. and I offer a free consultation. I am here to evaluate which bankruptcy is right for you. Your assets are an important element in your bankruptcy. I review your assets during our initial consultation.
