How does the Bankruptcy Court know what I own?


The Bankruptcy Code requires every chapter 7 debtor to complete a set of bankruptcy schedules. These schedules require the debtor to list everything the debtor owns or has an interest in. The Bankruptcy Code further provides very harsh penalties, including the denial of the discharge, for any debtor intentionally omitting any items. In other words, the debtor, by way of the bankruptcy schedules, tells the Bankruptcy Court everything he or she owns.