After we meet with someone for an initial consultation, we give them a worksheet that asks them to list all of their assets, income, debts, and expenses. Although the worksheet doesn’t get submitted to the bankruptcy court, it is the foundation of the bankruptcy petition. We emphasize that the need to answer all of the questions and disclose everything we ask for.
Understandably, people get concerned that something they disclose can get them in trouble with the court or their creditors. Our job is to make sure our clients get through the bankruptcy process as easily as possible. We can only help if we understand their financial situation completely. Once we know everything we can determine if the client should anticipate anything out of the ordinary. Most times there isn’t.
Even after these assurances, some clients try to avoid disclosing some information. One of the more common ways they do this is by arguing that a personal belonging isn’t really theirs, because it was a gift. Even gifts to you from another person have to be disclosed. At the time the gift was made the other person transferred their right to the gift to you. You are now the owner of the gift, and we have to disclose any personal belonging that you have an ownership interest in.
Keep in mind that most people who file bankruptcy are able to keep all of their personal belongings. Our job is to help you through the process and ensuring that you keep those items. If you own any items that are not protected under bankruptcy law, we will talk about what options you have.
If you have questions about navigating the bankruptcy process and whether it might be a good option for you, we hope you’ll come in for a free consultation with an experienced Colorado bankruptcy lawyer. You can make an appointment by calling 303.331.3403 or by using our online scheduling system.