When you file a personal bankruptcy, you are required to make full financial disclosure. This involves more than just disclosing your salary. You must inform the court of all of your assets, including everything you own in whole or in part. The court requires you to provide a list of all your creditors and the debts you owe. This includes listing “loans” you have gotten from friends or family. It is important to disclose all of your debt so you can fully take advantage of receiving your discharge and eliminating as much debt as possible.
You will need to report all of your income. This obviously includes your salary (tips, commissions, bonuses, overtime, etc.), but you must consider other sources of income as well. Below are a few examples of sources of income that you should disclose to the bankruptcy court.
- Income from real property
- Investments and stock dividends
- Accrued interest
- Profit from a business
- Income from retirement accounts or pensions not protected by ERISA
- Income from child support or alimony
- Unemployment or worker’s compensation benefits
There may be other sources of income not listed above, but this gives you an idea of how extensive you must be in disclosing your income. We can review your financial situation and help you make a full financial disclosure in your Chapter 7 or Chapter 13 filing.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC for all your Chapter 7 and Chapter 13 bankruptcy needs. Whether you need debt negotiations or debt relief, or even foreclosure defense, DeLadurantey Law Office will handles bankruptcy matters for the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. DeLadurantey Law Office, LLC can be contacted by phone at (414) 377-0518.