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Will My Foreign Assets Be Protected By Bankruptcy?

Author : Jim Brown

It's a small world, if you've found that you are in need of a bankruptcy lawyer, all of your assets may not be in the United States. If you have foreign bank accounts or any other assets, it is especially important that you disclose those to your bankruptcy lawyer.

When you meet with your bankruptcy attorney, they will have you list all of your debts and assets. This is the sort of information they expect you to disclose when you meet with the bankruptcy trustee. your bankruptcy Trustee might specifically ask you about any foreign bank accounts or assets in another country, it is important to be honest about those properties from the moment you begin consultation.

You do not have to be a US citizen to file for bankruptcy, but when you file a bankruptcy case (wherever you are) the case will take into account your property no matter where it is.

Although you may not want to disclose a foreign bank account, think about the consequences: concealing foreign assets can be considered bankruptcy fraud. You do not want to be charged with bankruptcy fraud. If you are a US citizen, you could be looking at fines up to $250,000, the dismissal of your bankruptcy case, and up to five years in federal prison.

If you aren't a US citizen and you are thinking about not disclosing to your bankruptcy lawyer information about an account you have in your native country, you may have even bigger problems. Fraud is classified as a crime of "moral turpitude," (it basically means that the person in question purposely did something bad). Crimes of moral turpitude can cause your US citizenship application to be rejected, after that you may end up being deported.

Only an experienced bankruptcy lawer can tell you the best way to list your property when you're filing. Make sure you're getting the best bankruptcy lawyer by asking questions, checking their material, setting up free consultations, and doing all the other homework you can. Bankruptcy is a responsible, but big decision, and finding the right bankruptcy lawyer requires a certain amount of legwork. An experienced bankruptcy attorney should not only know how to handle any chapter filing, but also how to deal with things such as your foreign assets and bank accounts. You will need to hire a bankruptcy attorney who is up to your standards.

Author's Resource Box

James Brown is a personal bankruptcy attorney in St. Louis, Missouri. He has filed over 30,000 bankruptcy cases and published many books and articles. You can request his free Missouri and Illinois bankruptcy guide for the best tips on how to prepare for your bankruptcy and find a great bankruptcy attorney.

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Tags:   Missouri bankruptcy lawyer, bank accounts, foreign bank accounts, Missouri bankruptcy book, bankruptcy fraud, Missouri bankruptcy Trustee

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Submitted : 2011-03-02    Word Count : 1    Times Viewed: 434