Sacramento, CA asked in Bankruptcy for California

Q: If I'm filing bankruptcy and getting a settlement from an accident do I have to disclose to the court

Related Topics:
5 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes. Absolutely.

David S. Greenberg
David S. Greenberg
PREMIUM
Answered
  • Bankruptcy Lawyer
  • San Diego, CA
  • Licensed in California

A: Yes.

Ronald Holland
Ronald Holland
Answered
  • Bankruptcy Lawyer
  • Roseville, CA
  • Licensed in California

A: Of course you have to disclose this claim. Section 541 defines what property you must list and it includes everything that you "own" or have a right to.

Failure to disclose all assets may be grounds to prevent a discharge of debt or to revoke the discharge later on.

You may be able to exempt all or part of the settlement. You are going to need experienced legal advice to get the benefits of bankruptcy.

Dale S. Gribow
Dale S. Gribow
Answered
  • Palm Desert, CA
  • Licensed in California

A: yes, disclose.

discuss with your BK lawyer and not on an open forum where you are put on notice of what you can or can't do.

Harlene Miller
Harlene Miller
Answered
  • Bankruptcy Lawyer
  • Irvine, CA
  • Licensed in California

A: As stated by my colleagues - bankruptcy requires full disclosure of all assets and debts. I urge you to talk with your bankruptcy attorney regarding disclosures and importantly, how your assets may be protected and retained by you. If you don't have an attorney, I urge you to consult with an experienced bankruptcy attorney to receive the advice that is so critical when filing bankruptcy.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.