Do I Really Have to Disclose That?

money holding on to money near his faceBankruptcy law requires all debtors to make full financial disclosure when they file their case. This means that you must disclose all of your assets, debts, income and expenditures. You must provide the court will a complete list of all of your creditors. While this can be uncomfortable for many people, it is a positive thing because it allows you to discharge as much debt as possible.

Disclosing your income requires more than simply listing your salary. You must disclose ALL sources of income. Thus, you must consider other sources of revenue that you receive such as:

  • wages, salary, overtime pay, tips, or bonuses
  • profit from a business
  • dividends from stocks
  • royalties
  • income from real property
  • income from retirement accounts or pensions
  • income from child support or spousal support
  • unemployment or worker's compensation benefits
  • social security income
  • regular financial assistance from friends and family

The above list is not exhaustive, so you should confer with us regarding any other sources of income you may have. We will review your financial records and help ensure that you make the proper disclosures to the court.

Please keep in mind that every case is different. If you have questions about filing a personal bankruptcy or the financial disclosure you must make to the court, and you would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at (954) 280-5066.

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