Question:
How do creditors know what assets you have unless you tell them? My husband has an expensive watch which we want to sell so we can pay the bankruptcy fees.
Answer:
That is a good question and on the bankruptcy forms it asks about selling, transferring or disposal of any assets prior to going bankrupt.
As to if the watch would be found out, I cannot say and that is a slippery slope and could border on fraud, but with that being said, how much is the watch worth?
If it is only worth what you need for the bankruptcy fees, I would think it would be OK. If it is worth thousands, then it may be an issue.
Thank you for letting me help you.
Jon
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