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JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience:  Attorney in the practice of Bankruptcy Law since 1996
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Hi, I filed for Chapter 7 Bankruptcy in May 2011, During that

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Hi, I filed for Chapter 7 Bankruptcy in May 2011, During that time, I did not mention that I have 10% share in a "paper company" offshore. The registration procedures started overseas in Feb 2011. The company was not operating, did not have value and not generating money.
Now it stated to generate a little bit of income.

I have been discharged in Dec 2012.
Is there any kind of liability on me? if so, can we rectify the mistake?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  JoeLawyer replied 1 year ago.
Worst case scenario, failing to list an asset can have serious consequences, including up to 5 years in prison and a $250,000 fine in egregious cases.

However, I have had clients not list assets accidentally, and I have not had issues when I went back in and amended the bankruptcy petition to include the assets.

Also, since your asset did not have any significant value at the time you filed your case, it is not likely going to make the Bankruptcy Court think you were fraudulently hiding some super valuable asset, making the Court much less likely to think this was anything other than an oversight.

We can't give any type of legal advice on this website, only information, but you should probably discuss the company with your attorney. He or she may advise you to reopen your bankruptcy to amend your Schedule B to list the company with the value it had at the time you filed your case, or he or she may simply contact the Trustee to see if they think such an amendment is necessary considering that the company had minimal value.

Good luck,
Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Funds I receive from JustAnswer.com are gratuities paid to me for taking the time to respond to questions, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. JoeLawyer is an attorney but does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) JoeLawyer. All rights reserved.
Customer: replied 1 year ago.

Can we amend the schedule even after discharge?

Expert:  JoeLawyer replied 1 year ago.

Yes you can amend schedules even after Discharge. But, you have to file a Motion to Reopen and pay the Reopen Fee to the Court ($260 in my jurisdiction) plus there are normally additional attorneys fees for the extra work.

Then, the U.S. Trustee may review the schedules, or the Trustee may be reassigned to review the schedules, and they may have another hearing to ask you about the business.

But, if you are sure the business had no market value on the date your bankruptcy was filed, your attorney may simply want to discuss it with the Trustee and see if they even require the schedules to be amended. Amending the schedules costs a lot in terms of fees and time spent, and it seems like a big waste if the business was not worth anything, but the Trustee also has a duty to confirm there was no value, so they may require the amendment either way.

Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Funds I receive from JustAnswer.com are gratuities paid to me for taking the time to respond to questions, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. JoeLawyer is an attorney but does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) JoeLawyer. All rights reserved.

JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
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Attorney in the practice of Bankruptcy Law since 1996