I have some school money squirreled away in my bank account, but I have to file for bankruptcy b/c I tried to open a small cafe with my mom (all in my name). We lost our shirts, and I was left holding the bag.
Anyways, I know I'm SUPPOSED to tell if I have money in the bank, but suppose I don't ... will they find out anyway?
2007-11-13 02:35:59 · 9 answers · asked by Random_Girl 3 in Business & Finance ➔ Taxes ➔ United States
Oh, I'm in Texas.
2007-11-13 02:36:18 · update #1
Well they can do a search and find this money. You are supposed to claim all money and assets. But on a second note,pull the money out for now and stash it. Its illegal,but you will need to recover somehow.
2007-11-13 02:44:39 · answer #1 · answered by daddyjohndeer 5 · 0⤊ 0⤋
Chances are, yes. Most if not all bank accounts are attatched to you by Social Security number. They will probably also look into transactions made, so I wouldn't try "loaning" or "giving" someone else the money to hold on to until the bankruptcy is finalized. Good luck.
2007-11-13 10:45:38 · answer #2 · answered by the_vandalin 3 · 0⤊ 0⤋
If you have money in the bank worth trying to hide from bankruptcy then you have enough to pay your debts. Pay up!
FYI, concealing assets in bankruptcy is a felony with a prison likely result. And the BK discharge will be denied. And having a criminal history for BK fraud will probably prevent you from ever filing BK.
2007-11-13 12:15:04 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you file bankruptcy you must disclose all your assets. Failure to do so is criminal fraud and can result in prison time and denial of a bankruptcy discharge. Some cash in the bank will be an exempt asset. A bankruptcy attorney will explain it to you in detail.
2007-11-13 10:50:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think you DO have to list all of your assets which means you will have to fess up to the bank account. Maybe you can check the government website to see what the instructions are before you file.
2007-11-13 10:44:13 · answer #5 · answered by AKA FrogButt 7 · 0⤊ 0⤋
It's not a matter of them finding it. You HAVE to claim what monies you have in all the papers that you file with the court.
2007-11-13 10:45:08 · answer #6 · answered by Debbie Queen of All ♥ 7 · 0⤊ 0⤋
They probably will. And your bankrupcy petition will then be denied if you falsified information.
Try being honest. You are already asking to be relieved of debts you owe - don't try to cheat.
2007-11-13 12:08:30 · answer #7 · answered by Judy 7 · 1⤊ 0⤋
buy gold (.5 oz). do not tell anyone
2007-11-13 12:44:53 · answer #8 · answered by Ralph N 5 · 0⤊ 0⤋
Only if they audit you.
2007-11-13 13:35:39 · answer #9 · answered by rckrjr 2 · 0⤊ 0⤋