When you file a bankruptcy petition, it’s important that you list your assets, expenses, debts, and income in your bankruptcy documents. The bankruptcy court goes over your finances with a fine-tooth comb. If they find a discrepancy, your case could get dismissed and you wouldn’t be able to file for bankruptcy in Littleton, Aurora, or Centennial. For this reason, it’s wise to work with a skilled bankruptcy attorney if you wish to file for bankruptcy. An experienced lawyer will be able to guide you through the process and get you the best fresh start possible. One common question is regarding declaring gifts when filing for bankruptcy. Let’s look at this common question in Colorado bankruptcy.
Do I Have to Disclose Gifts when I File for Chapter 7 or 13 Bankruptcy?
People often worry that something they disclose will get them into trouble with their creditors or the bankruptcy court. As a bankruptcy attorney, I work hard to dispel my client’s fears, and explain to them the wisdom and necessity of declaring gifts and other assets when filing. Often, people don’t declare personal belongings because they were a gift. They say “it isn’t really mine, because it was a gift from a friend.” Unfortunately, the court doesn’t view gifts this way. If a friend or loved one gives you a gift, their right to the item of value was transferred to you when they gave it to you. It is important to disclose to the court any personal belongings which were a gift in which you have an ownership interest.
[pullquote align=”center” textalign=”center” width=”70%”]Any gifts belonging to you in which you have ownership interest must be disclosed to the court.[/pullquote]
Will I Have to Surrender My Personal Belongings?
People are often concerned they’ll have to give up their personal belongings, even the items which were gifts. This is a common misconception with bankruptcy in Greenwood Village, Highlands Ranch, and Lone Tree. Almost all of my clients don’t have to surrender anything to the bankruptcy trustee during their Chapter 7 or Chapter 13 bankruptcy. I work hard to make sure you are able to keep all your personal belongings, and utilize exemptions to get you the best fresh start possible.
Are you confused about declaring gifts in bankruptcy and other aspects of bankruptcy property in Colorado? Contact experienced bankruptcy attorney Barry Arrington for a free bankruptcy consultation at 303-205-7870. He has the skill and expertise to get you the best fresh start possible.
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