Bankruptcy & International Assets
Is real estate in another country subject to U.S. bankruptcy law? Must
accounts held outside the U.S. be declared in a bankruptcy petition? Can
foreign assets be shielded from domestic creditors?
The short answer is that all wealth, including international assets, must
be listed when you
file for bankruptcy. At Sulaiman Law Group, LTD., our award-winning attorneys commonly represent
clients whose portfolios include real property, investments or liquid
assets owned in foreign countries. We can advise on the potential exposure
of international assets in a bankruptcy filing and associated adversary
Our experienced Oak Brook bankruptcy lawyers represent debtors throughout
the Chicago area.
Contact us online or by telephone at 312-313-1613.
International Assets in U.S. Bankruptcy
Failing to list international assets is not the way to protect them. Such
a tactic would probably backfire, drawing additional scrutiny of your
bankruptcy filing. Your bankruptcy petition could be dismissed with prejudice.
International assets must be dealt with on a case-by-case basis. The wisest
move is to be upfront with your lawyer and lean on his or her advice as
to strategy. Bankruptcy trustees may or may not pursue foreign-owned assets.
The court considers various factors such as valuation, liquidity, cost-benefit
of recovery and the country in question.
If your international assets are vulnerable to forfeiture in a
Chapter 7, for instance, we can explore your options, such as
Chapter 13 reorganization or negotiating with the trustee to redeem the non-exempt asset.
Tom and Katie* own one-third interest in 50 acres of land in Canada, bequeathed
to Katie through a family trust. The Joliet, Illinois, couple also owns
a condo in the Caymans valued at $400,000. In their bankruptcy filing,
the trustee does not exempt the condominium but declines to pursue their
split interest in the Canadian property.
Contact Our Chicago Bankruptcy Attorneys
Our lawyers can capably address international assets and other complex
considerations in your quest for debt relief.
Contact our Oak Brook law office online or call
312-313-1613 to arrange a consultation.
*Tom and Katie are fictitious characters created for the purpose of explaining