Hidden Assets and Bankruptcy
For fear of abusive bankruptcy filings, the government has recently enacted laws intended to make seeking bankruptcy protection more difficult. When filing it is important to have all your documents in order to improve the likelihood that your case will be approved. Failure to disclose all of your assets, including those that might normally be hidden from public view or excluded from financial discussions, can result in the rejection of a petition or the dismissal of an existing case.
While you can file for bankruptcy on your own, it is generally advisable to work with a skilled and experienced bankruptcy attorney. The New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC, are prepared to help you to understand how your assets must be accounted in your filing. If you have questions or are prepared to file, please contact us today at 504-599-5906.
Assets to be Considered
Both liquid assets and personal property should be reported in a bankruptcy case. Common examples of hidden assets that must be disclosed in your filing include:
- Real Property
- Works of Art
- Jewelry
- Stocks
- Bonds
- Cash
Locating Assets
Government officials may work hard to uncover assets that you did not report or were simply not aware of. If they discover assets that you have not noted in your filing, it may make it impossible for you to be granted bankruptcy protection. An experienced bankruptcy lawyer can help to advise you commonly forgotten assets and may counsel you about the importance of maintaining current and accurate records.
Contact Us
The New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC, can help you to avoid unwittingly appearing to hide assets from your creditors and the government. Contact us today at 504-599-5906 to learn more about your legal rights and options.