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Do I have to disclose all my debts in a Chapter 7?

Perjury warning sign, Hackney Town Hall, Londo...
Image by gruntzooki via Flickr

Yes, you must disclose all of your debts on your bankruptcy filing. You must sign the bankruptcy filing under penalty of perjury, meaning that you swear you are not lying about anything in your bankruptcy filing and if you get caught in a lie, you could be prosecuted for perjury.

Some people believe that it won’t hurt to keep some things out of bankruptcy. For example, most student loan debt is non-dischargeable (can’t be wiped out) in bankruptcy, so it won’t hurt if you leave it out, right? Wrong. You need to disclose all your debts, whether they are dischargeable or not.

This holds true even if you owe your Aunt Sarah a bunch of money and you’re really love to pay her back because you love your Aunt Sarah. You must disclose. If you choose to repay Aunt Sarah after the bankruptcy, there’s nothing stopping you. But don’t leave Aunt Sarah off your list of creditors on your bankruptcy filing.

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