Do I have to tell the bankruptcy court about all of my property?
Yes. You MUST list all of your debts, assets, expenses, and some other personal financial information in your bankruptcy filing.
You should not, can not, and must not lie, hide, conceal, or otherwise fail to provide the court notice of your property and debts. If you do lie, the bankruptcy court will not grant a discharge, you will typically lose the property you did not list anyway, and you may be referred to the U. S. Attorney’s office for criminal prosecution.
To get the benefit of the bankruptcy discharge, you must be scrupulously honest because, as one famous bankruptcy court case states, bankruptcy is a proceeding that’s assists the ‘honest but unfortunate’ debtor.
If you have concerns about what assets may be of interest to the bankruptcy court, you must discuss this with your attorney prior to filing. There is no requirement to file once you meet with an attorney, but the attorney will be unable to properly advise you of your rights and responsibilities if you are not discussing the complete situation with him or her.
The real question is this section leads to I believe is what may happen to your property if you file bankruptcy?