What Is Disclosed on Your Bankruptcy Application?
When filing bankruptcy, you have to disclose different pieces of essential information.
This info is vital in determining the terms of your bankruptcy agreement.
As such, you may wonder what is disclosed on your bankruptcy application.
Understanding what information you should hand over to your licensed insolvency trustee is important as it stops you from giving them irrelevant info.
With that in mind, we’ve made a short guide to what needs to be disclosed when filing bankruptcy:
What do you own?
You will have to disclose all of the assets that are under your name.
This includes the following:
- Any vehicles.
- Properties/real estate.
- Household possessions.
Basically, if you own it and it has any monetary value, you need to disclose it!
Your assets will be considered when figuring out how much you can pay your creditors.
How much do you owe?
You will also need to disclose the total debts in your name, along with the names of your creditors.
This includes all types of debt you might have, regardless of whether or not they are unsecured.
What transactions have you made?
If you have made any payments to creditors or seen any asset transactions, these need to be disclosed as part of your bankruptcy.
This can include:
- Seizure of property.
- Sale of property.
- Any payments made to creditors in the last five years.
Of course, you also have to provide all of your basic personal information.
This covers all the things you think it might:
- Legal name.
- Place of work.
- Marital status.
You also have to include details on your monthly budget and how much money you bring in each month.
All of the above information must be disclosed on your bankruptcy documents.
In fact, you are required to swear under oath that all of the information is accurate.
If it isn’t, then you can end up in serious trouble.
What happens if you neglect to disclose information?
Any information you withhold can complicate the bankruptcy proceedings.
It may lead to delayed discharge and extra costs.
This can also lead to an extended bankruptcy period, meaning you have to wait longer before you’re clear.
Additionally, creditors may get together and petition to have your discharge refused if you fail to disclose all the crucial information.
As if that wasn’t bad enough, any false claims will be considered fraudulent and you may face criminal charges.
If you make an honest mistake and forget to disclose an asset or a transaction, you should contact your trustee right away.
They can get things sorted to avoid any issues with your bankruptcy.
Speak to a licensed insolvency trustee today!
To begin filing for bankruptcy, you need to speak to a licensed insolvency trustee.
We are fully qualified to handle everything, so don’t hesitate to get in touch.
We’ll work alongside you to ensure the entire bankruptcy process goes perfectly.
We also offer additional debt-relief services, and you can contact us for more information.
Give us a call or fill in our online evaluation form to learn more!