Law Office of Dennis Jay Sargent Jr, PLLC | Dennis J Sargent Jr.
Why wouldn't you want to disclose the existence of the account. The trustee has the ability to find out a lot of information in this digital age. Why would you want to risk being dismissed from bankruptcy and subject to potential legal action? Honesty and full disclosure is the cornerstone of bankruptcy. Individuals that intentionally hide assets can be subject to criminal penalties, why would you risk it.
Answer Applies to: North Carolina
Colorado Legal Solutions | Stephen Harkess
The trustee will find out because you are required to disclose it. If you don't disclose it, you have committed a crime and can go to prison. There are several ways a trustee might find out and there is also a chance they will never find out. The question is - how much are you willing to risk? When you are sitting in prison, it will not matter to you how the trustee found out.
Answer Applies to: Colorado
Ashman Law Office | Glen Edward Ashman
That's a very good way to land in jail. A person who does that could be fined and spend 5 years in prison, and see their discharge denied. Many Trustees run various records checks on debtors and do catch omissions. Perjury, and that is what this is, is taken very seriously. Do not make the mistake of doing this. You will risk having the government feed you behind bars for years. And you will still owe your debts. (And it's a really stupid omission, because most times if it was reported, it wouldn't affect most cases).
Answer Applies to: Georgia
The Schreiber Law Firm | Jeffrey D. Schreiber
More to the point - bankruptcy statements and schedules are signed under penalty of perjury. So the question should not be what are the chances I will get caught, the question is why would you not tell the truth, as bankruptcy is for honest debtors to get a fresh start.
Answer Applies to: California
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
Filing bankruptcy requires full disclosure. Open and closed bank accounts must be listed in schedule B and the statement of financial affair. Trustees subscribe to services that find out about accounts that are not listed. Not listing these and other required disclosures could jeopardize your right to a discharge.
Answer Applies to: California
The Port Law Firm | Edward Port
You are required to list all bank accounts (financial Accounts) closed within one year of the bankruptcy filing. A trustee normally asks at your court appearance if the schedules are true and accurate. The answer is given under oath. If you do not answer truthfully, then you could be subject to a denial of discharge. Sincerely, Edward N. Port DISCLAIMER The information in this reply does not constitute legal advice and should not be relied upon for any bankruptcy planning purposes. Bankruptcy planning is necessarily very circumstance-specific and therefore the reply is only intended to educate. Additionally, the information given in this reply is not meant to be a substitute for legal representation. You should consult with a local attorney regarding your suitability for the information stated herein under your local laws. The Port Law Firm, PA shall not be considered your attorneys until a fully-executed client retainer agreement is executed. Further, any tax consequences that may incur in the implementation of the strategies herein should be reviewed by an independent professional tax advisor. Nothing in this reply should be construed to be any advertisement for legal services directed to a state wherein The Port Law Firm, PA is not admitted to practice. Nothing in this reply is any substitute for the services of a licensed attorney in the relevant jurisdiction. The Port Law Firm, PA does not practice in any jurisdiction unless one of its attorneys has been admitted to practice there, or an attorney of the firm has been properly admitted pro hac vice according to the local court rules of that state.
Answer Applies to: Florida
Law Office of Maureen O' Malley | Maureen O'Malley
The trustees have access to a great deal of information. The idea is for the debtor to make full disclosure. There is a question about closed financial accounts where you can disclose. Lying can cause your discharge to be denied and can bring you to a new residence in Federal prison.
Answer Applies to: Virginia