Q: What assets am I required to disclose when filing bankruptcy? Are there any that are exempt?
A:
The simple answer to your question is that you have to disclose everything, and there are a number of different exemptions available. Failing to disclose an asset can lead to major difficulties, including criminal charges. The exemptions are too complicated to explain fully in this forum. As one example, up to $23,675 of equity (the difference between the value and the amount of any mortgages or liens) in a home can be exempted (this is doubled if the home is owned jointly by two spouses.
You should sit down with a lawyer to discuss your individual situation.
A: Your conversations with an attorney are privileged--no one can get at them. So get an in person consultation with a good bankruptcy attorney who is a member of naca or similar, and review the issues with them. Any attorney that is conscientious will want to know everything and they get to decide what to disclose.
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