Bankruptcy

V

Vinny1

I have two questions regarding bankruptcy...

1) Do you have to give up a foreign owned home or condo if you file for bankruptcy in the U.S.? Would anyone know that you own this foreign home?

2) Do you have to give up cash if you file for bankruptcy? How would anyone know how much cash you have anyhow?
 
Quote from Vinny1:

I have two questions regarding bankruptcy...

1) Do you have to give up a foreign owned home or condo if you file for bankruptcy in the U.S.? Would anyone know that you own this foreign home?

2) Do you have to give up cash if you file for bankruptcy? How would anyone know how much cash you have anyhow?
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to file bk you have to make a list of all your assets for the court. do you want to lie to a judge?
 
Quote from Dalmation:

Sure you can lie. However, if caught it's a crime with jail sentence Ask nails.
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it would be safer to lie to the irs than a judge. that judge has the power to send you away to be the love toy of a meth addict.
 
Quote from Free Thinker:

it would be safer to lie to the irs than a judge. that judge has the power to send you away to be the love toy of a meth addict.
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No doubt

Why would the OP need to do a bankruptcy if he has assets offshore or cash resources?

Sounds like a scam.
 
As long as the cash isnt in the bank or hasnt been in the bank for 90 days, you will probably be ok. After you file BK though, you will get letters from lawyers basically saying they think you scammed them(whether you did or not) and ask you to sign a peice of paper to reinstate your debt with whatever creditor they work for or they will file charges.
 
Quote from peilthetraveler:

As long as the cash isnt in the bank or hasnt been in the bank for 90 days, you will probably be ok. After you file BK though, you will get letters from lawyers basically saying they think you scammed them(whether you did or not) and ask you to sign a peice of paper to reinstate your debt with whatever creditor they work for or they will file charges.
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How can you have your debt reinstated if you wiped it away in a bankruptcy? Isn't the point of bankruptcy to wipe away your debt?
 
Quote from Dalmation:

No doubt

Why would the OP need to do a bankruptcy if he has assets offshore or cash resources?

Sounds like a scam.
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I don't have assets offshore or cash resources. All of my cash is in the bank or in a brokerage account. I was just curious about bankruptcy and how it works. I don't plan to file for bankruptcy ever.
 
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