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The house payment is the single largest expense for many families. When finances get tight and bills start adding up, many people get behind on their mortgage payment. In North Carolina, recent statistics put about 3-4% of home mortgage loans at least 90 days past due. In this post, I briefly summarize the major options for a homeowner who is behind on their payments, including bankruptcy approaches.

Earlier, we listed several reasons why it is important to disclose your assets in bankruptcy. Fortunately, most people filing bankruptcy are honest hard working people who have no interest in cheating the system. They just want the relief they are entitled to under the law, with a minimum of fuss. Most asset non-disclosures are accidental, sometimes because it did not occur to the debtor that the item was actually an asset.

Part of filing bankruptcy is making a detailed disclosure of assets owned. Here are 10 reasons, in no particular order, why not disclosing an asset to your bankruptcy attorney and in the official schedules is a bad idea.