Overlooked Assets in a Bankruptcy Filing

Full disclosure is one of the most important themes in a bankruptcy filing.  Even if it seems unimportant, if it has any financial relation to you, it should be included in your filing.  Some examples include: forgotten bank accounts, tax refunds, marital settlements, rent security deposits, pawned property, rights as a beneficiary in a life insurance policy and legal claims that have been filed against a 3rd party.

The bankruptcy trustee will be interested in determining whether any of these are non-exempt.  Failure to disclose such assets may lead to a delay in the bankruptcy process or even a denial if it is found that such assets were purposefully hidden.


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