Video: Debtor Responsibilities

In this lesson, Nick Palazzolo, CPA, clarifies the range of duties shouldered by debtors when navigating bankruptcy proceedings. With a focus on the need for thoroughness and accuracy, he walks through the essential information that must be submitted, including a complete list of creditors, detailed schedules of assets and liabilities, current income and expenditures, and an in-depth statement of financial affairs. He underscores the consequences of omission, illustrating how failing to provide a comprehensive account can lead to non-dischargeable debts or case dismissal. Nick breaks down complex concepts into digestible explanations, making the intricate bankruptcy process more accessible.