Bankruptcy Laws

Bankruptcy Hiding Assets: What Can I Do?


When you file bankruptcy, the bankruptcy trustee assigned to oversee your bankruptcy case will find and sell any assets you have that are not exempt from the bankruptcy to pay creditors. All the nonexempt properties will be sold. When a bankruptcy is filed, creditors will attend the Creditor Meeting to find out what the debtor has in terms of nonexempt assets that they could get a hold of.


The bankruptcy trustee will investigate all your assets to find out what assets are exempt from bankruptcy and what assets are not. All the creditors will be notified by the court of the bankruptcy filing as well as the Creditor Meeting.


What if the bankruptcy trustee did not find any assets?

If your bankruptcy trustee did not find any assets that are not exempt from the bankruptcy after an investigation then the trustee will label your bankruptcy case as having "no asset" and the creditors will be notified.


What if I hid some bankruptcy assets and they were later found?

If the bankruptcy trustee later found some non-exempt assets then they would be sold to pay the creditors even though the initial finding was that no bankruptcy assets were found. The creditors will be notified to submit the Proof of Claim of the debts.

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