Yes! When you file your Chapter 7 or Chapter 13 Bankruptcy case in Kansas and/or Missouri you will have to list EVERYTHING!
As was discussed in Debtor’s Duties : Part I, Debtors have a responsibility to the Court – such as listing ALL their creditors when filing their bankruptcy case. In this series of blogs, we will continue to review what those duties are and how to comply. Hopefully, providing you with a better understanding as to why we are asking you for particular information and/or documents.
United States Code: Title 11, Section 521 – Debtor’s Duties:
“(a) The debtor shall—
(A) a list of creditors; and
(B) unless the court orders otherwise—
(i) a schedule of assets and liabilities;”
So, you have listed all of your creditors, now we need to know what assets you have. Again, this means ALL — of your assets. Everything that you own should be listed. This includes your couch, kitchen table, computer, clothes, bank accounts, real estate, vehicles, income tax refunds, personal injury or damage claims, claims that you might think you have against anyone for anything, or persons who owe you money.
Not listing an asset can cost you your discharge. It may also stop you from ever recovering on a claim. Everything needs to be listed even if it is of no value or if it is a liability—for example, that burnt-out 1994 non-running Toyota automobile that does not have an engine.
You must provide a full list of your liabilities. This may include priority debts, such as taxes or past due child support payments, debts that are secured by your home or car, and your unsecured debts. It may also include lawsuits where you are a named defendant.
Valuation of your assets will be scrutinized. If the property is real estate, check sales in the neighborhood when determining value. If possible, have a real estate agent give you a Comparative Market Analysis of your property. Ask for a quick-sale value.
For a car, check value with N.A.D.A. Official Used Car Guide.
For household goods, determine the value that you would pay for the items at in their present condition at a used furniture or clothing store or garage sale.
Remember, just because you assets are listed DOES NOT mean you are going to lose them! You get to take advantage of the Kansas bankruptcy exemptions – possibly allowing you to keep your home, car, business, retirement, etc.
There are many benefits to filing a Chapter7 Bankruptcy or Chapter 13 Bankruptcy case. You are able to stop harassing telephone calls from creditors, sheriff sale of your house and garnishment of your paycheck. In the end — much, if not all, of the debt that has been causing your sleepless nights will be discharged.
Take action now. Meet with a Kansas City Bankruptcy Attorney for your free bankruptcy consultation. You will not have to do this alone. We take the steps necessary to make sure you are well equipped throughout the process and beyond.