What Are Mandatory Disclosures In Bankruptcy?
Bankruptcy is a debt relief tool available to honest people who have found themselves facing unfortunate financial circumstances. When filing for bankruptcy protection, debtors have a mandatory obligation to honestly disclose their assets, liabilities, debts, income and expenses. At Kingcade Garcia McMaken in Miami, our attorneys assist clients in making the mandatory disclosures required under bankruptcy laws.
Are You Honest And Unfortunate?
In Chapter 13 or 7 bankruptcy, the trustee or court will determine if you are honest and unfortunate by reviewing your mandatory disclosures. It is important to include all of your assets in these disclosures, regardless of the location of your assets. Even if you have accounts or property outside of the U.S., you must disclose them if you are filing bankruptcy in the U.S.
Mandatory disclosures are not only required to uphold the integrity of the bankruptcy process, they are also intended to help the individuals filing for bankruptcy. By compiling and reviewing the mandatory disclosure information, you will be better prepared to make informed decisions about bankruptcy and your future.
Get Help Today
If you are facing serious a financial crisis, our lawyers at Kingcade Garcia McMaken in southern Florida may be able to help you get relief while protecting your financial future. Call 305-285-9100 or contact us online to set up a free consultation and case review. We will help you determine if you qualify for Chapter 7 bankruptcy and assist you in making your mandatory disclosures.