What to List When Filing Bankruptcy in Michigan?

When filing for bankruptcy, the court requires that the debtor disclose all “property, income and debts.” All bankruptcy forms must be complete. Incomplete or inaccurate bankruptcy forms may result in dismissal of your case. Falsifying forms may lead to prosecution for fraud. However, minor mistakes or forgotten information can be explained to the bankruptcy trustee and amendments to your documents can be filed. Nonetheless, it is always best to disclose everything fully and truthfully so that all documents are correct the first time.

Here is a list of “property, income and debt” that should be included upon filing for bankruptcy:

Property:

-Real Estate Property: current value, interest and amount of any secured claims
-Money and Accounts: cash, checking or savings accounts, certificates of deposit or annuities, qualified education or tuition accounts, pensions or profit-sharing accounts
-Household goods: furniture, electronics, computers, etc.
-Office goods: office equipment, furniture, supplies, electronics, computers, machinery, fixtures and all other equipment used in business.
-Deposits: rent, utilities, etc.
-Collectible items: books, art, antiques, etc.
-Vehicles: auto, truck, motor, tractor, etc.
-Boats: motors, boat accessories, etc.
-Aircrafts: aircrafts, aircraft accessories, etc.
-Personal items: clothing, furs, jewelry, firearms, sporting equipment, hobby equipment (e.g. photography), etc.
-Rights: patents, trademarks, copyrights, licenses, franchises, etc.

Income:

-Money that a person is entitled to receive
-Inheritance: inheritance from recently deceased relatives, life insurance collection, trust fund payments, etc.
-Stock options and annuities
-Tax refunds
-Retirement: pensions, retirement funds, etc.
-Money a person is entitled to collect from a judgment or potential claim or lawsuit
-Interest: insurance, stocks, business, etc.
-Bonds: government and/or corporate
-Alimony, maintenance, support or property settlements

Debt: