How Does Bankruptcy Affect Your Property?

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    April 13 2020

    Bankruptcy Property

    Are you considering filing for bankruptcy? A good bankruptcy attorney can advise you of your rights and help navigate you through the process. An important part of the process is understanding what information you need to provide to the bankruptcy court. Did you know you have to list all of your property when you file for bankruptcy? Failure to disclose all of your bankruptcy property may harm your bankruptcy case.

    If you are contemplating or preparing to file for bankruptcy, contact the trusted attorneys at Anthem Injury Lawyers for a free consultation. Reach us online or at (702) 857-6000.

    Failure to Disclose Bankruptcy Property

    If you are filing for bankruptcy, one of the steps you will have to take is to identify all of your property. This step is important. Failure to disclose all of your property and assets will negatively affect your bankruptcy proceeding.

    The following are potential consequences that can occur if you do not properly disclose your property and assets in your bankruptcy proceeding.

    • The Bankruptcy Court may deny your discharge based on misconduct. In a discharged bankruptcy, you do not have to pay certain debts. If a court denies your discharge, you are liable for all of your debts.
    • The Department of Justice may criminally charge you with bankruptcy fraud.
    • If you fail to disclose your potential claims (personal injury, etc.), a defendant may be able to raise the defense of judicial estoppel. Judicial estoppel applies when a party takes an inconsistent position in judicial proceedings. If you don’t disclose your potential claim in bankruptcy court, you may not be able to pursue it in another court.

    Bankruptcy is a complex legal process that has long-term financial and legal consequences. Protect yourself and your property by hiring a qualified bankruptcy attorney. The bankruptcy attorneys at Anthem Injury Lawyers can answer your legal questions and provide advice specific to your situation. Contact Nevada’s Anthem Injury Lawyers for advice from experienced bankruptcy attorneys.

    What Property Do You List?

    If you file for bankruptcy, the law requires that you, under penalty of perjury, list all property that you have a right to. You identify the property in a bankruptcy form called Schedule A/B: Property. In bankruptcy the schedules are the documents that you have to file with the bankruptcy court.

    The full bankruptcy process requires an understanding of many finer points of law. It’s best to leave these to our experienced Las Vegas bankruptcy attorneys. If you are thinking about declaring bankruptcy, then be sure to call our office today for your free consultation: (702) 857-6000.

    Identify Property

    Below are the different sections Schedule A/B: Property includes:

    1. Real Property

    Real property includes residences, building, land, or other real estate.  Identify whether the real property is:

    • a single-family home,
    • duplex or multi-unit building,
    • condominium or cooperative,
    • manufactured or mobile home,
    • investment property, or
    • timeshare.

    Answer the following about the property:

    • Address
    • Current value of the property?
    • Current value of the portion you own?
    • Describe the nature of your ownership interest, if known.
    • Who has an interest in the property?
    • Whether the property is community property.

    2. Vehicles

    List any vehicle that you own, lease, or have legal or equitable interest.

    There are two categories of vehicles:

    1. Cars, vans, trucks, tractors, sport utility vehicles, motorcycles
    2. Watercraft, aircraft, motor homes, ATVs and other recreational vehicles, other vehicles, and accessories

    Answer the following about the vehicles:

    • Make
    • Model
    • Year
    • Approximate mileage (vehicle category 1)
    • Who has an interest in the property?
    • Current value of the property?
    • Current value of the portion you own?
    • Whether the property is community property.

    3. Personal and Household Items

    Schedule A/B asks if you own or have any legal or equitable interest in any of the following items. You must provide the current value of the portion you own.

    1. Household goods and furnishings (major appliances, furniture, linens, china, kitchenware)
    2. Electronics (televisions and radios; audio, video, stereo, and digital equipment; computers, printers, scanners; music collections; electronic devices including cell phones, cameras, media players, games)
    3. Collectibles of value
    4. Equipment for sports and hobbies
    5. Firearms (pistols, rifles, shotguns, ammunition, and related equipment)
    6. Clothes (everyday clothes, furs, leather coats, designer wear, shoes, accessories)
    7. Jewelry (everyday jewelry, costume jewelry, engagement rings, wedding rings, heirloom jewelry, watches, gems, gold, silver)
    8. Non-farm animals (dogs, cats, birds, horses)
    9. Any other personal and household items you did not already list, including any health aids you did not list

    4. Financial Assets

    Identify if you own or have any legal or equitable interest in any of the following. If so, provide the current value of the portion you own. For many of the assets you must provide additional information such as the institution or issuer name.

    1. Cash (money you have in your wallet, in your home, in a safe deposit box, and on hand when you file your petition)
    2. Deposits of money (checking, savings, or other financial accounts; certificates of deposit; shares in credit unions, brokerage houses, and other similar institutions).
    3. Bonds, mutual funds, or publicly traded stocks (bond funds, investment accounts with brokerage firms, money market accounts).
    4. Non-publicly traded stock and interests in incorporated and unincorporated businesses, including an interest in an LLC, partnership, and joint venture. Provide the name of the entity and your % of ownership.
    5. Government and corporate bonds and other negotiable and non-negotiable instruments. Negotiable instruments include personal checks, cashiers’ checks, promissory notes, and money orders. Non-negotiable instruments are those you cannot transfer to someone by signing or delivering them.
    6. Retirement or pension accounts (interests in IRA, ERISA, Keogh, 401(k), 403(b), thrift savings accounts, or other pension or profit-sharing plans)
    7. Security deposits and prepayments (agreements with landlords, prepaid rent, public utilities, telecommunications companies)
    8. Annuities
    9. Interests in an education IRA, in an account in a qualified ABLE program, or under a qualified state tuition program.
    10. Trusts, equitable or future interests in property, and rights or powers exercisable for your benefit
    11. Patents, copyrights, trademarks, trade secrets, and other intellectual property (internet domain names, websites, proceeds from royalties and licensing agreements)
    12. Licenses, franchises, and other general intangibles (building permits, exclusive licenses, cooperative association holdings, liquor licenses, professional licenses)

    5. Money or Property Owed to You

    Provide the current value of the portion you own.

    1. Tax refunds owed to you
    2. Family support (past due or lump sum alimony, spousal support, child support, maintenance, divorce settlement, property settlement)
    3. Other amounts someone owes you
    4. Interests in insurance policies (health, disability, or life insurance; health savings account (HSA); credit, homeowner’s, or renter’s insurance)
    5. Any interest in property that is due you from someone who has died.
    6. Claims against third parties, whether or not you have filed a lawsuit or made a demand for payment. These may include accidents, employment disputes, insurance claims, or rights to sue.
    7. Other contingent and unliquidated claims of every nature, including your counterclaims and rights to set off claims

    6. Business-Related Property You Own or Have an Interest In

    This section asks if you own or have any legal or equitable interest in any business-related property. If so, you will provide the current value of the portion you own. It also asks you to describe any property listed. This section lists the following as business-related property.

    1. Accounts receivable or commissions you already earned
    2. Office equipment, furnishings, and supplies (business-related computers, software, modems, printers, copiers, fax machines, rugs, telephones, desks, chairs, electronic devices)
    3. Machinery, fixtures, equipment, supplies you use in business, and tools of your trade
    4. Inventory
    5. Interests in partnerships or joint ventures
    6. Customer lists, mailing lists, or other compilations

    7. Farm- and Commercial Fishing-Related Property You Own or Have an Interest In.

    Do you own or have any legal or equitable interest in any farm- or commercial fishing-related property? If so, list that property and the current value of the portion you own in this section. This section provides the following under farm- and commercial fishing-related property.

    1. Farm animals (livestock, poultry, farm-raised fish)
    2. Crops (either growing or harvested)
    3. Farm and fishing equipment, implements, machinery, fixtures, and tools of trade
    4. Farm and fishing supplies, chemicals, and feed

    8. All Property You Own or Have an Interest

    If you have property not listed above, you may provide it in the last section. Additional property may include season tickets or a country club membership.

    Hire a Las Vegas Lawyer Before You File for Bankruptcy

    Bankruptcy is complex. Our review of property identification is only one portion of the entire picture when you declare bankruptcy. Protect your assets and hire award-winning Las Vegas Anthem Injury Lawyers. We are a team of experienced, dedicated bankruptcy lawyers based in Henderson, Nevada. We serve clients in Henderson, Las Vegas, North Las Vegas, Summerlin, Reno, and Clark County. Let us discuss bankruptcy with you and show you how we will approach your case. Contact us today at (702) 857-6000 to make an appointment for a free consultation.

    Published by Puneet K. Garg

    Attorney Puneet K. Garg is one of the founding partners of Anthem Injury Law. He has vast experience serving various clients with their different needs. Puneet’s representation of clients has included serving as counsel to Fortune 500 companies, large and small healthcare providers, celebrities, large and small businesses, personal injury victims and individuals needing help with their everyday needs. He has represented clients from all over the world in both state and federal court in Nevada.

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