Yes, you should definitely include your savings account and any other bank deposit accounts on schedule B. Under no circumstances should you attempt to hide assets from the bankruptcy trustees. Chances are, he or she will find it, and not only will your case could be dismissed if you're found to be attempting to hide assets, but you could face criminal charges.
Depending on the state you live in, you will be able to claim some or all of that cash exempt from your bankruptcy estate, meaning you will end up keeping it. Check out the page on exemptions referenced below to find out how much of your cash is exempt from bankruptcy in your state.
If you find that you don't have enough exemption coverage to protect all of your cash, then you should consider that as part of your bankruptcy planning. There are a wide variety of options at your disposal to convert non-exempt assets into exempt assets. You could put the non-exempt cash towards your homes equity, or purchase exempt personal property, or even pay some towards your car, if you have enough exemptions to cover that equity.
Talk to a Bankruptcy Lawyer before you do anything. He or she will be able to look into your financial situation compared to available exemptions and determine legal ways to protect non-exempt assets from the bankruptcy estate.
Answer: (1)
Yes, you should definitely include your savings account and any other bank deposit accounts on schedule B. Under no circumstances should you attempt to hide assets from the bankruptcy trustees. Chances are, he or she will find it, and not only will your case could be dismissed if you're found to be attempting to hide assets, but you could face criminal charges.
Depending on the state you live in, you will be able to claim some or all of that cash exempt from your bankruptcy estate, meaning you will end up keeping it. Check out the page on exemptions referenced below to find out how much of your cash is exempt from bankruptcy in your state.
If you find that you don't have enough exemption coverage to protect all of your cash, then you should consider that as part of your bankruptcy planning. There are a wide variety of options at your disposal to convert non-exempt assets into exempt assets. You could put the non-exempt cash towards your homes equity, or purchase exempt personal property, or even pay some towards your car, if you have enough exemptions to cover that equity.
Talk to a Bankruptcy Lawyer before you do anything. He or she will be able to look into your financial situation compared to available exemptions and determine legal ways to protect non-exempt assets from the bankruptcy estate.
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Posted by Staff Writer on 27 Mar 2010