Monticello, MN asked in Bankruptcy for Minnesota

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?

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2 Lawyer Answers
W. J. Winterstein Jr.
W. J. Winterstein Jr.
  • Bankruptcy Lawyer
  • Boyertown, PA

A: 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

Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes. You must list all assets when filing a bankruptcy.

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