When you assign bankruptcy papers you do so under the penalty of perjury. This means you are swearing that all information contained in your bankruptcy papers is true. You are also swearing to the fact that your forms are complete and that all of your income, property, and debts are fully disclosed in the papers. If you file papers with missing or inaccurate information your bankruptcy case can be dismissed. If the court determines that you have fraudulently omitted or given false statements intentionally then you could be facing criminal charges.
The law is not designed to punish anyone who makes some honest mistakes. Should any information be accidentally left out of your bankruptcy papers or was given incorrectly on your forms, it can generally be corrected. You will just need to communicate the mistake to your bankruptcy trustee. Do not let knowing you can change some mistakes make you careless when disclosing your information. This is because if you make too many mistakes the court could deem that your actions are a demonstration of disregard for the truth and could use it as ground to dismiss your bankruptcy case.
Include Every Creditor
Filing bankruptcy will be of no assistance to you if you omit information which is required for you to reveal. Failure to include every creditor you have, and the debts you have with them will cause them not to eliminate with your bankruptcy discharge. This is why it is so important to list every creditor which claims you have a debt with them. You have the option to list the debt as being disputed in these situations. You can also list the debt as being contingent should the debt in question be part of a pending lawsuit. The status of these debts will be changed when the lawsuit has been settled.
Do Not Omit Creditors for Any Reason
Not filing creditors for any reason, such as you being find of them as in the cases of creditors being a friend or relative to avoid having the debt with them eliminated can hurt you. Many people want to do this so that can protect these creditors. This does not work since bankruptcy does not allow for you to pick and choose which creditors you will list. Bankruptcy is designed on the premise that all of your a creditors receive a fair amount of what you have to repay them. Should your bankruptcy trustee become knowledgeable of any creditors you did not list, you will be required to add them. This could be reason for other items in the information you have given to be questioned.
Include All Money You Know May Come to You
Upon filing for bankruptcy you are required to list all of your property. This includes any property you know you will be receiving. Forms of property you need to list that you will be receiving includes getting an inheritance from someone who recently died which may mot have been paid to as of yet. This can also include stock options, tax refunds, pensions, retirement funds, annuities, and judgments from lawsuits filed by you.
Do Not Hide Assets or any Financial Details
Should you knowingly hide property, omit financial information, or give false personal information your case will be dismissed and you could be prosecuted for fraud.
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