All assets must be disclosed on Schedule B to a Bankruptcy petition.

Answer Applies to: Indiana
Replied: 10/27/2011

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Yes. When you file bankruptcy you have to disclose all debts and assets.

Answer Applies to: Texas
Replied: 10/26/2011

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You have to disclose ALL your assets in bankruptcy, including those you own abroad. The Trustee will then have to decide how to treat them. In a Chapter 7 bankruptcy, the Trustee will have to determine the value and see if the cost of selling them would be warranted. In a Chapter 13, you can keep all your assets, but may have to repay a portion of the value through the Chapter 13 plan.

Answer Applies to: Illinois
Replied: 10/26/2011

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When you file a bankruptcy you need to disclose ALL of your assets no matter where they are located. You may have enough statutory exemptions to protect your assets from a chapter 7 bankruptcy filing; however, it is determined by several factors and you must disclose them on your bankruptcy petition. You also are afforded more asset protection in a chapter 13 bankruptcy assuming you have the income to make plan payments. I would suggest that you contact a bankruptcy attorney. Most bankruptcy attorneys will offer a free initial consultation. I hope you found this answer useful.

Answer Applies to: Florida
Replied: 10/25/2011

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All assets must be disclosed when filing a bankruptcy. Not doing so constitutes bankruptcy fraud.

Answer Applies to: Virginia
Replied: 10/24/2011

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Yes. You must disclose everything. You will be signing under penalty of perjury that you have a complete list of assets and liabilities. That is the bargain you make - full disclosure in exchange for a discharge of most debts. If you are caught hiding assets, you can be convicted of a serious federal crime and go to prison or lose your discharge.

Answer Applies to: California
Replied: 10/23/2011

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Your understanding is completely wrong. All assets and all liabilities must be disclosed in a bankruptcy filing. Leaving information out can be a criminal offense.

Answer Applies to: New Jersey
Replied: 10/23/2011

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You should disclose all of your assets when filing for bankruptcy even if they are located abroad. Failing to make a full and honest disclosure can lead to serious consequences, including but not limited to loss of your discharge, loss of exemptions, criminal prosecution.

Answer Applies to: Tennessee
Replied: 10/23/2011

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The law requires you list all of your assets, no matter where they are located. Not listing them is bankruptcy fraud, which is a crime.

Answer Applies to: California
Replied: 10/21/2011

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Yes you will have to disclose all of your assets when filing bankruptcy. Whether the assets will be affected or not depends on if you are filing a Chapter 7 or a Chapter 13. You should consult with an attorney about which type of bankruptcy is most appropriate for your situation.

Answer Applies to: Georgia
Replied: 10/21/2011

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You must disclose all assets when filing bankruptcy. You should consult with a bankruptcy attorney to determine the effect of bankruptcy on specific assets.

Answer Applies to: Oregon
Replied: 10/21/2011

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All assets, no matter where located, must be disclosed in bankruptcy. Penalties for failure to disclose include denial of discharge, fine or imprisonment or all of the above.

Answer Applies to: California
Replied: 10/21/2011

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Yes. All assets and debts must be disclosed. Failure to disclose all your assets would be bankrutpcy fraud. These assets will only be affected if there value exceeds the exemption limits.

Answer Applies to: California
Replied: 10/21/2011

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You must disclose all of your assets.

Answer Applies to: Illinois
Replied: 10/21/2011

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Yes, you have to disclose all your assets in a bankruptcy, whether they are in your possession, abroad, or whatever. Good Luck!

Answer Applies to: Michigan
Replied: 10/21/2011

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Yes, absolutely, without a doubt! When you file bankruptcy, you are signing papers that say you have read and agree that everything in the bankruptcy papers and everything is true and accurate. If you do not list property that you own abroad, it would amount to perjury and subject you to possible criminal prosecution. The Property may be exempt and you may be able to keep it, but you must list it.

Answer Applies to: Georgia
Replied: 10/20/2011

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Not disclosing them is a good way to commit bankruptcy fraud. At that point, rather than a bankruptcy attorney, you might want to consult a criminal attorney, as the penalties are severe. It is a bad idea.

Answer Applies to: California
Replied: 10/20/2011

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Your understanding will land you in federal prison. The failure to list every asset is a federal crime. The penalty is 5 years in prison, a $250,000 fine, denial of your discharge, and loss of the assets. Foreign assets are subject to bankruptcy supervision. Instead of planning your way into prison, get a lawyer.

Answer Applies to: Georgia
Replied: 10/20/2011

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I would always say reveal the accurate info and these properties may be beyond the reach of the Bankruptcy Court.

Answer Applies to: Georgia
Replied: 10/20/2011

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Yes, you have to disclose all assets anywhere in the world. If you can't exempt them, the trustee can determine if it is worth selling them to pay creditors. If you do not disclose all assets, it subjects you to a $500,000 fine and five years in federal prison.

Answer Applies to: California
Replied: 10/20/2011

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You have to list all assets, even overseas assets. This may impact your bankruptcy, because if the value of the overseas assets is greater than the amount that you can exempt from seizure by the bankruptcy trustee, they can be taken and used to pay some of your debts. Don't even think about not disclosing those assets - people go to jail for that.

Answer Applies to: Virginia
Replied: 10/20/2011

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It is absolutely essential to disclose all assets in your bankruptcy petition. Whether or not the asset is protected or affected is a separate issue. It is fraud not to disclose every asset.

Answer Applies to: Minnesota
Replied: 10/20/2011

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Yes and Yes. All assets need to be disclosed.

Answer Applies to: Florida
Replied: 10/20/2011

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You must list ALL your debts and ALL your assets. If you don't, you are committing bankruptcy fraud and may be subject to penalties ranging from dissallowance of your discharge to federal prison time. Your assets may be subject to seizure by the Trustee regardless of the country they are in. You should discuss your situation with your attorney before you move forward.

Answer Applies to: Colorado
Replied: 10/20/2011

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If you want to avoid prosecution by the court, yes.

Answer Applies to: California
Replied: 10/20/2011

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Yes. you need to list everything and you need to carefully read the petition and schedules to make sure that they are accurate. When you file a bankruptcy you certify, under penalty of perjury that all of the information is true. If you do not disclose assets, it is a crime punishable by fines and jail time. At least once a month I see a report of someone being sentenced to jail for not listing an asset. While jail time is not a certainty, it is more than likely that someone will tell the trustee. The failure to list assets is a reason to deny the discharge. That means that creditors can still pursue you. What is worse, the trustee will have control of the assets.

Answer Applies to: Washington
Replied: 10/20/2011

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You must disclose all of your assets and all of your debts regardless of location, under penalty of perjury. Assets in foreign countries can still be subject to collection in bankruptcy. You have to cooperate with the court in turning over those assets. Failure to do so could result in denial of the discharge of your debts and even imprisonment for contempt of court. However, keep in mind that the law allows you to exempt and keep certain types and amounts of property from your creditors. An experienced bankruptcy attorney can tell you what, if anything, you would lose in a Chapter 7 bankruptcy case. Generally, you are not required to turn over assets in a Chapter 13 bankruptcy case.

Answer Applies to: Minnesota
Replied: 10/20/2011

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You do have to disclose all your assets. The value and what the assets is determines whether it would be affected. The Trustee liquidates the assets in a Chapter 7. It is difficult to liquidate an asset if it is abroad. In a Chapter 13, there is no liquidation.

Answer Applies to: Georgia
Replied: 10/20/2011

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Absolutely. Failure to disclose assets in a bankruptcy is a federal crime punishable by both prison and fines. Your assets abroad must be disclosed. Whether or not, the bankruptcy court trustee goes after them is his decision based upon location, value and ease of turning them into cash to pay your creditors. There is nothing that I own that is worth the chance of landing in a federal prison for three to five years.

Answer Applies to: Texas
Replied: 10/20/2011

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You must disclose all assets, including those located overseas. If your bankruptcy trustee uncovers any undisclosed assets, your discharge may be imperiled and you could even be charged with a crime. As to whether overseas will be affected by the bankruptcy, it depends on the nature of the assets and how difficult it would be for the trustee to liquidate them. You should definitely see a qualified bankruptcy attorney about this.

Answer Applies to: Ohio
Replied: 10/20/2011

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You must list all assets and all debts. Failure to do so is a federal felony. At the very least you risk not getting a discharge of debts.

Answer Applies to: Colorado
Replied: 10/20/2011

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Yes. To do otherwise constitutes fraud upon the court. You should seriously consider whether you want to commit fraud upon a Federal Court. If your assets are such that they will not be affected there is no reason not to list them. Your bankruptcy attorney can advise you on what is excepted from the bankruptcy estate.

Answer Applies to: Massachusetts
Replied: 10/20/2011

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Yes, you must disclose all of your assets when filing for bankruptcy. This includes assets that are in other countries. Hiding assets is grounds for denial of discharge, and is also a felony that could get you jail time and a serious fine. Foreign assets are considered the same as assets held in the United States. You need to tell the Court what these assets are and what these assets are worth. If your assets are covered by exemptions, you can keep them. If your assets are not covered by exemptions, and if they are worth enough to cover the cost selling them and still have money left over for your creditors, then the Trustee in your bankruptcy case may seek permission to sell them for the benefit of your creditors.

Answer Applies to: California
Replied: 10/20/2011

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All property (assets) have to be disclosed and you are signing under penalty of perjury that you are reporting worldwide property (as well as property in other planets or universe) you own. Assets in other countries could impact the case if you cannot exempt the value of the property. Where the property is located does not matter. What matters is if it is yours or you have some rights to it or title to the property.

Answer Applies to: California
Replied: 10/20/2011

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You must disclose those assets. If they're insignificant or below the amount of property you're allowed to exempt, no big deal. If they're substantial you could lose them. You need to explain to a competent attorney exactly what you have and where you have it to get a more complete answer.

Answer Applies to: California
Replied: 10/20/2011

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Yes. You must disclose all your assets, where ever they are. If you don't, you risk loosing them or worse, you put at risk your ability to get a bankruptcy discharge. Disclose, disclose, disclose. Go talk to a bankruptcy attorney, they will advise you before you file so you can know what your getting yourself into, or how to plan prior to filling the bankruptcy.

Answer Applies to: California
Replied: 10/20/2011

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Yes, you must disclose all of your assets. Anything less than full disclosure is considered fraud. Your assets may impact your bankruptcy but it is impossible to determine without more information. It sounds like you need to speak to a bankruptcy lawyer.

Answer Applies to: Colorado
Replied: 10/20/2011

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All of your assets of any significant value must be disclosed when you file for bankruptcy. Whether or not they will be affected by the bankruptcy will depend upon the value of the assets and whether or not they are "exempt" from being taken by the Trustee to satisfy your debts.

Answer Applies to: Colorado
Replied: 10/20/2011

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Yes. All assets must be disclosed when filing for bankruptcy.

Answer Applies to: Washington
Replied: 10/20/2011

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All assets must be disclosed in your bankruptcy petition. Yes, your assets can affect your bankruptcy; but to what degree will be based on the type of assets, the type and amount your exemptions will lessen the impact of those assets, and whether or not your case will be a Chapter 7 or Chapter 13. If your assets have ever been registered in some obscure database, then chances are the Trustee will find these assets and if you fail to disclose them in your petition and fail to mention them during your 341 meeting, then you could find your case being dismissed without receiving a discharge. If you do not have the answers to these questions, I would suggest you seek a bankruptcy attorney to advise you more thoroughly before you file any type of bankruptcy.

Answer Applies to: Georgia
Replied: 10/20/2011

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I recommend disclosing everything, and insist that my clients do so. You do NOT want to face the wrath of a bankruptcy judge if he or she learns that you have been hiding assets from the Court.

Answer Applies to: California
Replied: 10/20/2011

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You will be asked under oath if you listed all your assets and all your debts. Deliberately concealing assets is a federal crime. Unless the foreign assets are exempt property, they can be taken by the trustee and liquidated to benefit your creditors.

Answer Applies to: Colorado
Replied: 10/20/2011

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All assets must be disclosed, ever if they are abroad. What kind of asset are you speaking of? Property in another country? An off shore bank account? No matter the asset you mist disclose and list it in your schedules. It will not have any affect on your bankruptcy so long as you have enough exemptions to protect that asset.

Answer Applies to: Michigan
Replied: 10/20/2011

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