Hiding bank accounts in a bankruptcy case
Hiding bank accounts in a bankruptcy case is possible for some people, but there are a lot of factors that go into deciding if it’s a good idea. When you’re deciding to file for bankruptcy, the first step is to find out if you’re eligible. If you’ve more than $3,000 in property and $2,400 in debt, then you can file.
If it’s your only option, hiding your bank accounts can work. You can put them into an LLC or other entity that won’t be part of your bankruptcy filing. It’s not smart to just open another bank account in another name, though—that will be considered hiding assets and could get you into trouble.
You should talk to a lawyer about your options before making any decisions
Bankruptcy lawyers often get asked this question, so it’s worth addressing. In short: no, you can’t hide bank accounts from a bankruptcy trustee. But there are still some things you can do to protect your assets during the case.
The first thing you should know is that bankruptcy doesn’t just mean giving up all of your stuff and living in a cardboard box. The main goal of bankruptcy is to discharge your debts, not to strip you of your worldly possessions (although that may be a side effect).
Bankruptcy Laws
Bankruptcy law gives you some protection for certain types of property, including your home, household goods, clothing, and tools of your trade.
Chapter 7 bankruptcy
When someone files for Chapter 7 bankruptcy (called “liquidation” in legal lingo), any nonexempt property is liquidated and the proceeds are used to pay off creditors. However, if someone has nonexempt assets but wants to keep them anyway, they can file for Chapter 13 bankruptcy instead.
Chapter 13 bankruptcy
In Chapter 13, the bankruptcy court supervises a repayment plan over three to five years. The payments go toward paying off creditors on an equal basis—not here’s-how-much-you-owe-on-your-car-here’s-how-much-you’re-paying kind of thing.
If you have any questions, you can get a free consultation with the Best Attorneys in Utah.
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
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https://www.ascentlawfirm.com/bankruptcy-lawyer/
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Helper, Utah
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Helper, Utah
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North along Main Street, March 2008
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Location within Carbon County and the State of Utah
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Location of Utah in the United States
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| Coordinates: 39°41′19″N 110°51′27″WCoordinates: 39°41′19″N 110°51′27″W | |
| Country | United States |
| State | Utah |
| County | Carbon |
| Settled | c. 1881 |
| Incorporated | 1907 |
| Became a city | October 9, 1915 |
| Founded by | Teancum Pratt |
| Named for | Helper engines |
| Area | |
| • Total | 1.81 sq mi (4.68 km2) |
| • Land | 1.81 sq mi (4.68 km2) |
| • Water | 0.00 sq mi (0.00 km2) |
| Elevation | 5,817 ft (1,773 m) |
| Population
(2010)
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| • Total | 2,201 |
| • Estimate
(2019)[3]
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2,105 |
| • Density | 1,164.91/sq mi (449.87/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84526
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| Area code | 435 |
| FIPS code | 49-34530[4] |
| GNIS feature ID | 1428654[2] |
| Website | www |
Helper is a city in Carbon County, Utah, United States, approximately 110 miles (180 km) southeast of Salt Lake City and 7 miles (11 km) northwest of the city of Price. The population was 2,201 at the 2010 census.
The city is located along the Price River and U.S. Route 6/U.S. Route 191, a shortcut between Provo and Interstate 70, on the way from Salt Lake City to Grand Junction, Colorado. It is the location of the Western Mining and Railroad Museum, a tourist attraction that also contains household and commercial artifacts illustrating late 19th and early 20th-century living conditions.
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Can you hide bank accounts in a bankruptcy case?https://t.co/657JjFNXv7 pic.twitter.com/fgU5GsqU90
— Jan Meriss Alfonso (@MerissJan) November 18, 2022
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