Available Assets

by Questions on November 1, 2006

If an individual was in the process of initiating a bankruptcy, and at that time that person believed they had a significant asset held in trust by someone else, would the individual be required to use that asset to pay

her creditors? Would she be required to declare the asset on her statement of assets? If the asset existed, or the individual believed the asset existed, would the trustee in bankruptcy look into getting the asset for the individual?

{ 1 comment… read it below or add one }

A licensed trustee December 19, 2006 at 6:23 am

Yes, it is the trustee’s job in a bankruptcy to investigate all assets, and attempt to recover them for the creditors.

Your situation sounds somewhat complicated, so I suggest you contact a licensed trustee to fully explore your options.

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