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my ex-husband was asked if he had income in his 341 hearing.

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he answered "no". he...
my ex-husband was asked if he had income in his 341 hearing. he answered "no". he did infact have income from his self-settled trust. is my husband's bankruptcy attorney liable for false answers given during the hearing?
Submitted: 7 years ago.Category: Bankruptcy Law
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Answered in 23 minutes by:
10/5/2010
Bankruptcy Lawyer: cfortunato, Attorney replied 7 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

Hi Drzman,

Did your husband make a mistake, or did he intentionally lie. The reason I ask is I have had clients to something similar, but they thought they were telling the truth - thinking that only wages are income.

Also, did his attorney know about this income?

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Customer reply replied 7 years ago
My ex-husband's bankruptcy is for debts over $5,000,000.00 it seems highly unlikely that he wouldn't know that the distributions from properties in his self-settled trust were not income. But, given the benefit of the doubt, how would he know if the distributions were considered income?
Bankruptcy Lawyer: cfortunato, Attorney replied 7 years ago

Do you mean how would the trustee and/or his lawyer know whether your ex-husband knew if the distributions were income?

 

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Customer reply replied 7 years ago
My ex-husband claimed that he had no income and was living off of his social security. My ex-husband's bankruptcy attorney knew that he was a partner in many LLC's. The properties were throwing off distributions for many years. The LLC's were in a self-settled trust. The properties were listed on his filing but not the fact that they were in a trust. Therefore, no-one not even my attorney's asked for the 10 year look back for transfers into the trust.
Bankruptcy Lawyer: cfortunato, Attorney replied 7 years ago

If it can be claimed that the attorney did know - or should have known - that your ex-husband lied at the trustee meeting, then the attorney can be disciplined and possibly dis-barred from the Bankruptcy court. That would be the extent of his liability.

I think this is what you actually wanted to know. If not, please let me know.

Thank you!

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
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