Financial Disclosures Required in Bankruptcy

by Michael A. Koplen on September 19, 2013

When you file a Chapter 7 or Chapter 13 bankruptcy case, you are required to make “full financial disclosure.” This means that you must disclose all of your assets and all of your debts. Debtors must provide the court with a list of all your creditors. This is a good think because it allows you to discharge as much debt as possible.

You must also disclose all sources of income. Obviously, this includes your salary, but it is important to disclose 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 not protected by ERISA
  • income from child support or spousal support
  • Unemployment or worker’s compensation benefits

There are other possible sources of income, so it is important to discuss this matter with your attorney. Michael Koplen can review your financial documentation and help ensure that you make the appropriate disclosures to the court.

The attorneys at The Koplen Law Firm provide Rockland County and New York City residents with experienced legal representation in bankruptcy matters.  We assist individuals seeking relief from their overwhelming debt in filing Chapter 7 or Chapter 13 bankruptcy.  If you are considering filing for bankruptcy protection, or you want to discuss options for dealing with your debt, please contact us at (845) 623-7070.  In addition to handling all types of bankruptcy cases, our law firm can provide legal assistance with matters involving divorce and family law, personal injury, criminal defense, sexual harassment, and employment discrimination as well.

 

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