The Importance of Your Financial Disclosures

by DeLadurantey Law Office, LLC on September 26, 2014

HolidayGiftWhen you decide to file a Chapter 7 or Chapter 13 bankruptcy, your attorney will ask you to complete a financial worksheet. You will need to list all of your income, expenses, assets and debts. This worksheet is used to prepare your bankruptcy petition, schedules and statement of financial affairs. Thus, it is imperative that you answer all of the questions and disclose all of the information that is requested.

What if you are worried something you disclose will get you into trouble? It is imperative for your attorney to know everything about your finances. We will only be able to protect you if we understand the full picture of your financial situation. Many times, the thing you are worried about is not a problem if we know in advance and can plan accordingly.

What about disclosing gifts? Some clients think that if an asset is a gift, they don’t have to disclose it. This is not true – all assets, gifts included, must be disclosed. Once the gift is given to you, you become the owner. You must disclose your ownership interest, wholly or partially, in any property.

Most people who seek bankruptcy protection are able to keep all of their personal belongings. Remember, it is your lawyer’s job to help you through the Chapter 7 or Chapter 13 process, and we can only provide the guidance you need if we have the full picture of your finances. If you have assets that are not protected under bankruptcy law, we can discuss what options are available to you.

If you are considering filing for bankruptcy protection or you need assistance with your student loans, call DeLadurantey Law Office, LLC, at (414) 377-0518. We believe that each client should receive the individual attention necessary to reach their financial goals. Recognizing the needs of working clients, we maintain a flexible schedule and offer evening appointments. Initial consultations are always free, and phone inquiries are always welcomed. Find us on the Internet and on Facebook.

 

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