Mandatory Disclosures in Los Angeles Bankruptcies

Essential Details about the Filing Process

The United States government requires all bankruptcy lawyers to inform business owners, corporations, and individuals of essential details regarding bankruptcy. This is known as mandatory disclosure. Bankruptcy's mandatory disclosure is important to increase transparency of the process and prevent fraudulent filings.

Weintraub Zolkin Talerico & Selth LLP can explain these mandatory disclosures in more detail when you contact our office at (310) 220-4147. We also offer the following overview of the mandatory disclosures.

What Is Mandatory to Disclose in Bankruptcy?

Personal Identifying Information

Full name
Address
Names of businesses you own
Any previous bankruptcy filings
Completion of credit counseling

Property You Own

Real estate properties
Vehicles
Household items
Financial accounts and assets, including bank accounts, cash, stocks, etc.

Financial Information

Your annual income
Items stored in safety deposit boxes
Any pending lawsuits

Assets and Debts

Documentation of your income sources
Income of spouse
Annual expenses for rent, food, clothing, medical care, etc.
Creditors that you owe, and amounts

Exemptions

Property you want to claim as exempt from bankruptcy

What Can Happen If I Do Not Disclose Everything?

Individuals who attempt to hide assets or file fraudulent bankruptcies can face a variety of negative consequences, such as:

Revoking of discharged debts
Inability to file any bankruptcy cases in the future
Dismissal of your bankruptcy case, so you will still owe your debts to creditors
Criminal prosecution for bankruptcy fraud

Am I Required to File with a Bankruptcy Attorney?

Corporations and partnerships must have an attorney to file but you may file bankruptcy on your own if you are an individual. “Pro se” representation, or representing yourself, is certainly possible. Hiring an attorney to represent you is completely optional.

In addition to choosing to represent yourself or hiring an attorney, other forms of bankruptcy support exist. You may opt for the assistance of a bankruptcy preparer who is not a lawyer. This, however, is also not mandatory. If you seek the assistance of an attorney or a nonlawyer bankruptcy preparer, they are required by law to disclose, in writing, exactly what services they will provide and the cost of those services. There are also free bankruptcy support services available.

If You Have Questions, Call Weintraub Zolkin Talerico & Selth LLP

Depending on your situation, you may qualify for more than one bankruptcy chapter. You may have begun the bankruptcy process or you may still be considering your options. Weintraub Zolkin Talerico & Selth LLP is here to answer your questions and be your advocates.

If you have questions about the mandatory disclosures or any other topic related to debt relief or bankruptcy, contact the bankruptcy lawyers of Weintraub Zolkin Talerico & Selth LLP.

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