October 7th, 2009 by Reed Allmand 
Many debtors, who are delinquent on some debt and current on others, wonder if they need to include the debt that’s in good standing in their bankruptcy filing. The simple answer is YES, you must include all of your debts and assets in your bankruptcy filing. Failing to include all of you debts and assets in your bankruptcy filing can jeopardize your case.
For example, if you have a home that you own without a mortgage, you will need to include that home as an asset in your bankruptcy case. Or, if you have a car payment that is current and on time you still need to include it in your bankruptcy filing.
Examples of other things that must be included in your bankruptcy filing:
- Mortgage free homes or commercial property.
- Pets
- Money owed to friends and relatives.
- The value of personal belongings such as clothing, books, music collections and other household goods, which is usually totally exempt.
- Bank Accounts
- Current or possible future lawsuits
- Inheritance (received or expected)
- Investments (stocks, bonds, mutual funds, interest in a business, etc.)
To find out more about what must be disclosed in a bankruptcy filing, please speak with your Dallas-Fort Worth bankruptcy attorney.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
View all posts by Reed AllmandSubscribe
Subscribe to our e-mail newsletter to receive updates.
