When asked what assets they have, most people think of real estate and money. Those are assets but not the only ones. All personal property is an asset. It doesn’t matter what the value is. Some assets have zero or little dollar value, like that t-shirt or your old shoes.
Many clients have told me, “I have no assets!” Yet I’ve never seen one walking around in the buff. At the very least you have the clothing on your back. You probably also have a bed and dishes. You may have a bicycle, a motorcycle or an automobile. These are all assets. Your kitchen appliances, musical instruments, the pictures on the wall, the security deposit your landlord has, a cemetery plot, that stuff in the storage locker or your parent’s garage, an upcoming tax refund—all assets.
Full disclosure is required if you file for relief under the bankruptcy code. In exchange for discharging most if not all of your debts you must fully disclose ALL your financials including your assets. So think on it. What do you have that you didn’t think was an asset?
Many clients have told me, “I have no assets!” Yet I’ve never seen one walking around in the buff. At the very least you have the clothing on your back. You probably also have a bed and dishes. You may have a bicycle, a motorcycle or an automobile. These are all assets. Your kitchen appliances, musical instruments, the pictures on the wall, the security deposit your landlord has, a cemetery plot, that stuff in the storage locker or your parent’s garage, an upcoming tax refund—all assets.
Full disclosure is required if you file for relief under the bankruptcy code. In exchange for discharging most if not all of your debts you must fully disclose ALL your financials including your assets. So think on it. What do you have that you didn’t think was an asset?
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