Q: I am going to be filing a chapter 7 no asset bankruptcy in June 2023
However, my brother just mentioned to me that in 2018, i was made a 1/6 co owner with my other siblings of some property (after probate cleared from my dad dieing). My brother has a house with a mortgage on that property and has the whole time since 2015.
I don't do anything with this property - my brother lives there, pays the mortgage and taxes - everything.
Do I have to claim this?
When you file a bankruptcy case, you also must file Schedules of ALL your assets and debts, among other things.
And you sign those disclosures under penalty of perjury (the penalty for which, a felony, is huge).
Never exchange a mere debt problem for a criminal liability.
Yes, you must list all of your assets, and all of the claims against you, whether you dispute them or not, when you file for bankruptcy relief.
Timothy Denison agrees with this answer
A: Yes. You must list all assets when filing a 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.