Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
A1. Under bankruptcy law, the bankruptcy trustee can avoid any asset transfer that was done to "defraud, hinder or delay" a creditor's claim, if the transfer was made within 2 years of the date of bankrutpcy petition. A creditor can attempt to ascertain whether the assets were transferred with the intent to defraud as part of the standard 363 hearing. If the creditor thinks that the debtor is hiding assets, then the creditor can file a contested action and engage in discovery so as to acqiure more information, which could include health issues.
A2: If you "come into money in the future," and it was money that you "sold" prior to filing bankruptcy, then that would be a fraud, and probably would cause the court to dismiss your entire bankruptcy filing, if it were discovered. It could also cause a criminal prosecution for perjury to the bankruptcy court. So, when you ask whether or not you're obligated -- you're obligated to disclose all of your assets at the time of filing, if you don't, then you could be held civilly and crimnally liable later.
A3: A final bankruptcy judgment discharging the debtor lasts forever. An ordinary creditor judgment expiration is based on the law of the State jurisdiction, where the judgment is obtained. Generally 10 years, with a 10 year renewal. But, there are exceptions (e.g., Ohio: 5 years, renewable indefinitely).
<p class="text-13-black" align="left"><u>Terms and Conditions</u>: By your continuing in this conversation with me, or by your clicking "<b><u>Accept</u></b>", you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.</p>
Under the Uniform Fraudulent Transfer Act, a creditor can accomplish the identical thing that the bankruptcy trustee can accomplish, except that a creditor can go back four years, rather than only two.
Also, a creditor can force you to attend a judgment debtor examination, and the scope of examination is extremely wide. You can be asked questions about almost anything, if it will asset in the location of your assets.
So, bankruptcy or not, if you have hidden assets, then they may be found. I'm not saying that they will be found -- only that the creditor is given extremely wide lattitude in tryig to locate assets.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).