Full disclosure is the number one rule of bankruptcy. In fact, failure to disclose all of your property has the potential to jeapordize your discharge. It is important for consumers to understand that bankruptcy relief comes with a price (not talking about attorneys fees). In exchange for a fresh start, the debtor is expected to “lay their cards on the table” revealing all assets and liabilities. As such, it is vitally important to tell your bankruptcy attorney about everything you own. Remember that painting Uncle Tim gave you a few years ago that he claimed was a masterpiece created by some dead French guy, but that you think is worthless? Tell your attorney about it.

When in doubt, imagine yourself on an episode of MTV Cribs (for those who don’t know, MTV Cribs is a documentary show that films celebrities as they tour their homes). As you stroll from room to room, camera crew in toe, any items of property worth noting should be disclosed to your attorney and eventually the Court. Start in the living room, move to the kitchen. Go through each room in your house and make a list of the stuff that fills each room. When revewing your schedules prior to filing, make sure everything you’ve disclosed ends up on Schedule B. Don’t forget to list intangible property such as stocks and bonds. The viewing audience may not be interested but I guarantee the Trustee will be.

John O’Connor