Idaho Bankruptcy Law and Scheduling Assets And Liabilities
When filing any Chapter 7 or 13 bankruptcy case in Idaho, debtors must disclose large amounts of highly personal information. The form of disclosures is through questionnaires, schedules, forms, and in some cases, official court pleadings. Two of the largest categories of disclosures pertains to assets and liabilities as of the date the original petition and request for relief is filed. The question then becomes, what are assets and liabilities under the Code?
The legislature of the State of Idaho constantly reviews, amendments, and enacts new laws. Additionally, rules of procedure and court clarification of laws supplements the body of Idaho law applicable to all state citizens. Property ownership title issues, legal rights and responsibilities, and tax obligations are all matters of state law. Even intangible, contingent or other assets that defy classification must be reported to the court. In large part, the definition of "asset" in federal proceeding s under the Code, depends upon the state law of Idaho. Similarly, liabilities are determined by Idaho law, such as the integrity of claims, allegations, and causes of action that may give rise to court judgments of any kind.
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