What assets are tracable if I go bankrupt?
Date: Mon, 07/13/2009 - 10:00
I want to file a Chapter 7 bankruptcy but I do not want to list these things as assets. (I had a significant business failure and have about $110,000 in credit card debt) There is no "title" on any of the items as there is with for instance an automobile.
Would I be taking a chance by neglecting to list these items as assets in a filiing? Is there anyway the opposing side(s) could find out about these things? Note: some of the items were purchased with credit cards, but none within the past couple of years.
Thanks for your help!
I think it depends on what the actual value of those items are.
I think it depends on what the actual value of those items are. I am not 100% sure on this but I think they want you to list items of real value. Check the laws, there may be an amount that if something is worth more then that amount, it must be listed. I am not sure about the stuff you listed, especially if they are years old then the value has gone down on them.
Whatever you do, don't intentionally try to leave stuff of value out...that very well may be fraud and you could end up in a whole heap of trouble.
Hopefully someone with more knowledge about this will come by and have better answers for you. Good luck!
If you insured your collections, those items will be traceable.
If you insured your collections, those items will be traceable.
Usually listing assets means listing their garage sale value.
bank accounts, anything tied to a bank like 401K, IRA, etc..., i
bank accounts, anything tied to a bank like 401K, IRA, etc..., insurance accounts, mortgages, real estate. Personal property is very hard to trace, IMO.