Asset Disclosure in a Minneapolis Bankruptcy Case

Debtors filing bankruptcy petitions must make a thorough and accurate asset disclosure, regardless of whether those assets are exempt under federal or state law. The consequences of failing to disclose assets can be very severe. To avoid those consequences and confirm that a bankruptcy petition includes a complete asset inventory, petitioners should consult with the experienced bankruptcy attorneys at the Walker & Walker Law Offices, PLLC.

For more than 40 years, our lawyers have advised and represented petitioners who need to rebuild their financial lives through bankruptcy processes. We take a strategic approach to stop calls from bill collectors, restore credit ratings, and protect core assets from bankruptcy receivership. Contact us today to schedule a free consultation to discuss asset disclosure in a Minneapolis bankruptcy case.

What Assets Must Be Disclosed in a Bankruptcy Petition?

Your Minneapolis bankruptcy petition must include a comprehensive disclosure of assets, including:

• All of your bank accounts
• Any real estate that you own, either in full or in part
• Funds held in retirement accounts, as well as pension income
• Stocks, bonds, and other investment securities
• Titled vehicles that you own or lease, including watercraft, campers, and trailers
• Potential damages payments you might receive from lawsuits and other legal processes

Asset disclosure must also encompass your recent federal and state tax returns, pay stubs showing income from your employment over the 60 days prior to the filing date of your bankruptcy petition, and details of any real or personal property that you acquired or sold within the previous two years, regardless of whether those dispositions were to family members or unrelated third parties.

Even if you maintain organized files for all of your finances, you can easily miss something while you are handling voluminous disclosure obligations. Working with our experienced bankruptcy attorneys at Walker & Walker can help you fulfill your disclosure obligations.

What Assets Are Exempt From the Bankruptcy Process?

Minneapolis debtors get the benefit of several statutory exemptions that shield assets on a disclosure schedule from being seized or liquidated in a bankruptcy case. Most critically, those exemptions include:

• Up to $450,000 in value of the bankruptcy petitioner’s primary residence
• One vehicle used for commuting and transportation, within certain value limitations
• Up to $11,200 of personal goods, such as furniture, clothing, and other household items
• The first $10,000 of life insurance benefits
• Up to $12,000 of tools and goods that petitioners need to support their livelihood (this may include computers and cell phones)

Other exemptions might apply in specific cases. Our knowledgeable bankruptcy lawyers can verify which of your assets will be protected from liquidation orders.

When Do Bankruptcy Petitioners Need To File an Asset Disclosure Inventory?

In certain Minneapolis pre-bankruptcy actions, petitioners must file an asset disclosure within 16 days after they receive a court order to make that filing. Otherwise, the disclosure is part of the file submitted to begin a bankruptcy case.

If your financial matters are not overly complex, you can expect your bankruptcy case to be completed in three months.

Contact a Minneapolis Bankruptcy Attorney About Asset Disclosure in Your Case

Asset disclosure in a Minneapolis bankruptcy case is effectively the foundation that determines how the balance of your bankruptcy petition will be managed.

When you retain the bankruptcy attorneys at Walker & Walker Law Offices, PLLC, we can confirm that nothing is missing from your asset inventory and that all other aspects of your petition are accurate and fully in compliance with statutory requirements. Please contact us today to speak with a bankruptcy lawyer and schedule your free initial consultation.