If you are planning on filing for bankruptcy protection in the State of Georgia, or anywhere else in the United States, you are required to include all property that you own in any place in the world. This includes overseas assets such as real estate, personal property, bank accounts, and investments. You also must include any property that you may own jointly with others. For example if your grandparents left you and your two siblings property in France, you must include your 1/3 interest in the overseas asset in your filing. Keep in mind that your bankruptcy filing will not affect your siblings ownership interest.
Many individuals fail to list their overseas assets for several reasons. One reason people fail to list their overseas assets is because if their overseas assets have a high value; they may no longer qualify for a chapter 7 bankruptcy filing. Additionally if they have filed a chapter 13 repayment plan. An overseas asset could increase the chapter 13 plan repayment due its value. Another common reason individuals fail to list overseas assets is because they do not think they have to list the overseas assets or the overseas assets have nominal value. Although you may consider these valid reasons for failing to list an overseas asset in a chapter 7 or chapter 13 filing; they are not. If you fail to list your overseas assets you could be held in contempt of court, your bankruptcy case could be dismissed, or you may face other penalties and fines.
It is critical that you list your overseas assets. Remember your overseas assets may be exempt from liquidation or repayment depending on their value. In cases where your overseas are not exempt, a chapter 13 bankruptcy filing could be an option. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years. Whereas in a chapter 7 bankruptcy the debtor does not repay any unsecured debts which are discharged through the filing.
Though it can be more desirable to exclude overseas assets in your filing in order to be eligible for a Chapter 7 or Chapter 13 bankruptcy filing, it can lead to several legal consequences. Failing to include all assets in a bankruptcy petition can lead to criminal prosecution, loss of your discharge, loss of your right to claim any exemption, and loss of property.
When discussing assets with your lawyer, make sure to disclose of all information about your overseas assets to avoid suffering any major consequences and fines. There are several legal options to consider when dealing with overseas assets. Don’t risk filing your petition alone in an attempt to save money. You face a high risk of having your petition rejected if you are unsure how to navigate the Bankruptcy Code. We have affordable bankruptcy filing options and offer FREE and CONFIDENTIAL consultations for both Ch. 7 & Ch. 13 Bankruptcies. Call Us Now (404) 620-3337.