The Bankruptcy Filing

Bankruptcy filing in Arizona means providing your bankruptcy attorney with all of the information needed to properly fill out the court documents. All of your assets and liabilities need to be listed in the paperwork. That means all sources of income, all assets, all debts, and all liabilities must be accounted for in the bankruptcy filing.

Sources of Income in the Bankruptcy Filing

You must list all sources of income for yourself, your spouse, your dependent children if applicable, and any other household members if applicable. That means that you must list all full time employment, all part time employment, all children’s jobs, and all hobby income, caretaker income or any other type of income.

Assets in the Bankruptcy Filing

It is important to list every asset, including homes, cars, personal belongings, musical instruments, tools, jewelry, or any item of value. This may even include pets and recreational equipment. You will be asked to disclose pending lawsuit settlements and pending inheritances.

Liabilities in the Bankruptcy Filing

All of your liabilities and obligations must be listed even if you do not want to include the item in the bankruptcy discharge (for example, the car that you intend to keep making payments). Any home, car or other vehicle that is secured by a loan must be listed, as must any other item on which you have a loan such as orthodontia or home improvements.

It can be tempting to think that you do not need to list every item in the bankruptcy filing, or that no one will notice if you give away valuable pieces to family members or friends. This is not true, and can cause your bankruptcy to be dismissed if discovered. The bankruptcy laws allow you to exempt a portion of your assets, including your home and vehicle. Hiding the assets or falsifying the documents are considered forms of fraud. Failing to list all sources of income and all liability obligations are also forms of fraud.