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dylatess, Attorney
Category: Legal
Satisfied Customers: 5142
Experience:  37 plus years representing clients with their legal issues
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I need to secure a bond as I have been asked to be a trustee

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I need to secure a bond as I have been asked to be a trustee for special needs trust for a a friend. The bond application asks if I've ever filed bankrupcty. I did, but that was in 1997 and it is now more than 10 years afterwards and it does not appear on any of my records or credit reports. Do I need to answer yes on the bond application?

Hello and thank you for your question. For over 34 years I have answered questions just like yours. And I look forward to assisting you.


You are correct that a bankruptcy is public information. And it drops off after 10 years. Likewise, the application asks if you EVER filed a BK. So you must answer yes. However, once you give the date, they will realize that it is more than 10 years and it should not have any affect. If it does, there are other bonding companies out there that you can apply to. Note, if you do not disclose it, and somehow it surfaces, the bonding company will file a petition with the BK court and allege fraud which you do not want as fraud in a bankruptcy proceeding is treated very seriously and can result in both a fine and a jail sentence. I have seen this happen so it is better to tell the truth. I wish you well.

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