The Number One Mistake People Make in Bankruptcy: Don't Let it Happen to You!

Here is the number one mistake people make when they file for bankruptcy: They don't list everything that they own. The bankruptcy laws require that you list everything you own. No, I don't mean "eleven spoons and ten forks", that would fall under the category of your household goods but if that silverware has a greater than normal value, then you had better list it separately. The bankrtupcy petition breaks personal property into categories and even has a catch all category for anything that wasn't covered. For example, it will ask if you have hobby or photography equipment. Many people have a tendency to want to leave this blank, but don't most people have at least one digital camera? List it. Other people think that they don't have to list their cars if they are paid for; or if they are not paid for. List it. Even if someone else uses the property, if you own it, list it. For example, you bought a car under your name for your sister but she drives it and pays for it. You still have to disclose this in your bankruptcy. 

I personally think that the bankruptcy laws can be very confusing for the lay person or even for the lawyer who is not well versed in bankrtupcy. If you are confused about what property you should list, or any other aspect of your bankruptcy petition, stop. Get it to talk to a bankruptcy lawyer for representation. It will save you hours of headache or worse yet, from having your bankruptcy case dismissed or getting in trouble with the court. If you are in the Chicago area, contact O'Connor Cadiz Law for a confidential and honest conversation at 630 250-8813. 

Carol O'Connor Cadiz
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Attorney & Owner at O'Connor Cadiz Law: Injury & Accidents, Disability Insurance.