Is my surety bond considered part of my net worth? 7 Answers as of April 17, 2014

I have taken out a surety bond and I would like to know if that is considered part of my net worth.

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A surety bond is a type of insurance and it does not seem that it would have a cash surrender value hence not an asset.
Answer Applies to: Minnesota
Replied: 4/17/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
I would say any money that can be refunded to you is part of your bankruptcy estate and should be disclosed on your schedules, even if you are not 100% certain you will be entitled to have this money returned. "Net worth" isn't a phrase we typically use in the bankruptcy setting.
Answer Applies to: Nevada
Replied: 4/16/2014
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Yes, list it on schedule B - It is however an asset your creditors can not get unless they have a legitimate claim against the bond.
Answer Applies to: California
Replied: 4/16/2014
Law Office of Shirly L. Horn | Shirley L. Horn
It's more like insurance so not an asset. Only if you are eligible to recover on a surety bond would it be deemed an asset.
Answer Applies to: Michigan
Replied: 4/16/2014
Heineman Law Office
Heineman Law Office | Jeff Heineman
Unless it serves a different purpose, surety bonds are something you obtain if you're are placed in a position of trust, like a conservator or trustee of someone else's property or estate. In those cases, it's purpose is to provide financial security. You cannot sell it as each person seeking to be a surety must qualify individually. It is merely protection required by another party. Therefore, it is not an asset nor part of your net worth.
Answer Applies to: Idaho
Replied: 4/16/2014
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