Are joint accounts required to be listed when filing for bankruptcy?

Filing a petition for bankruptcy, whether for Chapter 7 or Chapter 13, requires the same four things to be presented to the bankruptcy court. First, a report of all assets and liabilities. Second, a report of current income and expenditures. Third, a report of executory contracts and unexpired leases. Fourth, a statement of overall financial affairs.

These reports must be meticulously created to ensure the accuracy of one’s filed bankruptcy petition, and must include even things such as joint accounts. Documentation of any joint accounts should be presented in the initial bankruptcy hearing to avoid complications. Only the party undergoing bankruptcy will be liable, and only their portion of the joint account may be involved in their bankruptcy process.

This will have no effect on the other member of the joint account, and they will still be liable for their portion of the joint account, unless the joint account is not cited. However, failing to site such details could be considered grounds for bankruptcy fraud, and should be avoided at all costs. Every aspect of one’s financial situation must be included in a bankruptcy filing.

Talk to a Bankruptcy Lawyer if you are considering filing. You will want some legal advice as to how to best protect yourself.