Its time for your Friday Financial Tip... When filing a bankruptcy the debtor is required to list all of his assets and property on his bankruptcy schedules. The debtor must list not only property he currently has in his possession, but also property reasonably anticipates receiving in the near future. For example, if the debtor was recently in an automobile accident and expects to receive a settlement, that potential asset should be listed on the schedules. If the debtor fails to list and exempt a potential asset, the debtor may lose that asset to the trustee when he receives it, even if he otherwise would have been able to keep it.
Posted on: Fri, 20 Jun 2014 14:30:40 +0000
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