Bankruptcy Lawyer Mark BuckleyLogo
Attorney
MARK BUCKLEY
Bankruptcy & Estate Planning Law

401-467-6800
TAP TO CALL
Free
Free Consultation
Make a Payment
  • Home
  • About
  • Bankruptcy
    • Forms
  • Estate Planning
    • Forms
  • FAQ
  • Contact
  • Blog
  • Locations
    • Warwick
    • Providence
  • Forms
  • Free Consultation
We will refund the attorney fee if your case is dismissed without receiving a discharge. More Info...
Mark Buckley Attorney Banner

Disclosing All Property When Filing Bankruptcy

by Mark Buckley

hiding moneyIn Rhode Island, are you required to disclose all of your property when filing for Chapter 7 bankruptcy?

In a word: Yes.

A Chapter 7 Bankruptcy exists to protect you and your property. However, to receive a discharge of debt, you must  disclose all of your assets.

During the bankruptcy process, a debtor will be asked if he is telling the truth. Bankruptcy lawyers will even use the phrase “under penalty of perjury” to remind a client that hiding assets is a violation of federal bankruptcy law punishable by jail.

You see, under Rhode Island bankruptcy law, it makes no difference if:

  1. Your property came as a gift or through inheritance
  2. Someone else paid for it
  3. It is easily hidden and there is no paper trail

Your bankruptcy petition must fully list all of your property.

Understand that the US Trustee has many tools to discover hidden assets. Even calls from “anonymous tipsters” help trustees make sure that a debtor is not attempting to conceal assets.

Disclosing all property to your bankruptcy lawyer is actually in a debtor’s own best interest. Telling your lawyer the complete truth will help him protect you and your property.

Common property interests that require complete disclosure in your Rhode Island bankruptcy petition:

  1. Any claims you have for money, including personal injury claims and potential lawsuits
  2. Gifts you may have received
  3. Assets you disposed of in the last 4 years
  4. Possible inheritance interests after someone has died
  5. Bank accounts/ real estate owned by parents with your name on it
  6. Property you may receive in a divorce settlement
  7. Personal debts owed to you by a friend or family member

Most who file bankruptcy are honest, hardworking people who have run out of options. Having a debtor list all his property in a bankruptcy petition makes the system fair for everyone.

Bottom line: your bankruptcy petition must be complete, accurate, and truthful.  Don’t leave out any property.

Filed Under: Blog, Exemption Laws, New Blog, Rhode Island, Rhode Island Chapter 7

About Mark Buckley

Estate Planning, Consumer Bankruptcy, and debt-settlement attorney licensed in RI & MA. I am the only bankruptcy lawyer who is a CERTIFIED FINANCIAL PLANNER professional.

To plan your estate, or resolve debt concerns, call me at (401) 467-6800.

Free Consultation

  • This field is for validation purposes and should be left unchanged.

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

How To File a Chapter 7 Bankruptcy Petition…

How to file for bankruptcy

Debt Collector Calls in Rhode Island…

Collection Agency Calls
30 Bankruptcy Commandments

Bankruptcy Videos

The Bankruptcy Discharge

Bankruptcy Court Hearings

Meeting of Creditors

Filing for Bankruptcy

Limits of Bankruptcy

Types of Bankruptcy

Introduction to Bankruptcy

Bankruptcy Links

Help With Taxes

Help With Judgments

Stop Bad Credit

Stop Tax Garnishments

Stop Foreclosures

Stop Repossession

Stop Lawsuits

Stop Bill Collectors

Latest Bankruptcy Law Blog Posts

Attorney Mark Buckley: Best Bankruptcy Lawyer in Warwick

2022: Top Bankruptcy Lawyers in Providence

Top 3 Bankruptcy Lawyers – Providence, Rhode Island – Attorney Mark Buckley, CFP

PROUD MEMBER OF

Image of the Massachusetts Bar Association logo.
Logo image of the Rhode Island Bar Association
Logo of the National Association of Consumer Bankruptcy Attorneys (NACBA)

Providence Office

1536 Westminster Street
Providence, RI 02909

Warwick Office

511 Green Bush Road
Warwick, RI 02818
  • Home
  • Bankruptcy
  • About Mark Buckley
  • FAQ
  • Contact Me
  • Blog
  • Forms
  • Disclaimer
  • Sitemap

Copyright © 2023 · RI-bankruptcy.com