When you file bankruptcy, creditors have the right to claim your non-exempt assets in satisfaction of your debts. This includes assets held overseas such as a vacation home, time share, inheritance, real estate or bank accounts. If you have significant overseas assets and plan to file bankruptcy, you should seek the advice of an attorney with experience in international asset protection.
At Zingarelli Law Office, we have experience in bankruptcy cases involving Ohio and Kentucky residents and businesses with assets overseas. Our firm provides advice and services designed to protect these types of assets from the reach of creditors — and to help the client obtain debt relief. For a no-obligation consultation about your case, contact our bankruptcy attorneys.
Several factors can affect the likelihood of a creditor coming after an overseas asset:
The value of the asset — The higher the value, the more likely the possibility that a creditor may try to obtain the asset.
Liquidity — A bank account or investment account can be easier for a creditor to obtain than an asset that is less liquid.
Language and legal system — Asset recovery in an English-speaking country will generally be much easier for an American-based creditor than dealing with a legal system from a different legal tradition.
Full disclosure of an international asset on a Chapter 13 bankruptcy petition is advisable. But the cost of obtaining trustee administration of international assets may be such that it discourages all but the most determined creditors. In most cases, you will have nothing to fear, because the cost of obtaining and administering an overseas asset will discourage a creditor from coming after it. A skilled attorney at Zingarelli Law Office can review your situation and discuss your options.
Contact Zingarelli Law Office online or call 513-381-2047 for a no-obligation initial consultation about your international assets and bankruptcy. With an office in downtown Cincinnati, Ohio, we serve clients throughout southwest Ohio and northern Kentucky.