American Debts | Foreign Assets

U.S. citizens with foreign assets have unique concerns when it comes to bankruptcy. If you are in this situation, you undoubtedly have many questions. Do I need to claim property located in another country? Does the bankruptcy court have jurisdiction over my international assets? For answers to your most pressing questions, speak with an experienced bankruptcy attorney.

At Simon Resnik Hayes LLP, we understand how important your international assets are. Whether your case involves a house, bank account or other foreign asset, our lawyers will explain the process for handling these matters. Call our offices in Los Angeles or Sherman Oaks at 213-699-3055 or 888-368-4099 to schedule a free consultation.

Do I Need to List International Assets?

If you have a house, bank account, investment property or other asset outside the country, you must include these assets on your bankruptcy petition. While it may seem as though the bankruptcy trustee should not have jurisdiction abroad, that is simply not the case. Some or all of these assets may be considered exempt under the Bankruptcy Code, but you still must disclose them.

Failure to inform your bankruptcy attorney about foreign assets when filing either Chapter 7 or Chapter 13 bankruptcy is considered concealing assets. This could result in the dismissal of your bankruptcy petition, criminal charges and loss of the property in question.

Experienced California Bankruptcy Law Firm

Have moved to the United States from another country and left assets behind? Did you inherit foreign land from a distant relative? All international assets must be accounted for in a bankruptcy proceeding. Our lawyers have helped countless clients in Southern California protect foreign assets in bankruptcy. Contact our firm to schedule a complimentary consultation.

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