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Wednesday, October 27, 2010

No, your Canadian Swampland is not safe just because it's in Canada!

This happens more often than I'd like: A client makes an assumption after we said to list ALL debt and assets that their Hawaiian beach house, French unsecured debt or Summer home in Canada are unimportant in an Arizona Bankruptcy and don't bother to list them.

That's... incorrect. To say the very least.

Debt still counts even if it doesn't get wiped off and failing to list the debt or a foreign asset will cost you big time when the Trustee comes across it. At the very least you can expect you Bankruptcy filing to be dismissed.

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