Wednesday, August 31, 2011

FAQ #11: Do I have to tell the Bankruptcy Court about cash?

Yes. In order to file for bankruptcy, all assets must be discharged. This includes cash, accounts receivable, promises to pay, the contents of a safe deposit box, etc. Bankruptcy is not a "pick and choose" proceeding. You cannot not disclose some assets and fail to disclose others. Intentionally omitting assets from your bankruptcy case may result in the denial of your bankruptcy discharge, the dismissal of your bankruptcy case, fines, or imprisonment for bankruptcy fraud.

If you don't see your question and would like more information please do not hesitate to call us at 508.655.5980, e-mail us, or attend one of our weekly Free Debt Relief Clinics.

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