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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37846
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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My bankruptcy has been suspended due to lack of timely payments.

Resolved Question:

My bankruptcy has been suspended due to lack of timely payments. My attorney has informed me that my case must go in front of the judge along with my most recent tax returns. The problem is when my bankruptcy was originally submitted I forgot to disclose one of my assets (U.S. government Savings Bonds) My concern is since I have now cashed in these savings bonds, my tax returns will now reflect this income. How should I proceed when my case goes before the judge so that my case will be reinstated without prejudice?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

All you can do is disclose the missing assets and hope that the court will not use the error as a rationale to dismiss your case.


There's no silver bullet here. You either made a mistake, in which case you're probably okay, or you intentionally hid the asset which means you're probably not.


Customer: replied 7 years ago.
Thank you for your response. However it is my intention to find out in your experience of situations such as mine, how much do they tend to scrutinize your taxes in relation to a bankruptcy program?

Here is some additional information that might be of use in reference to this matter:

At the time when my bankruptcy case was dismissed I had only 4 months of payment remaining out of a 5 year program.
The income tax that I will submit to the judge, will be the last one.

Expert:  socrateaser replied 7 years ago.

The court won't scrutinize anything. The bankruptcy trustee has a duty to act on behalf of the creditors, so he/she should scrutinize the hell out of the document. And, if he/she finds something and raises it to the court, and you get caught, then you will be in a load of trouble, because the willful failure to disclose would put you in contempt, and that could mean some jail time or even a perjury charge.


You're headed down the wrong road. Find another way.




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