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Declaring Foreign Money During Bankruptcy

Someone I know is going bankrupt in the US. If they have a little money in Canada do they have to declare this money in the bankruptcy?

Diane from Vancouver, BC

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October 14, 20080 found this helpful

I would say yes, as money is money regardless of where it is printed or who backs it up. Although we have been in Australia for 11 years and have dual citizenship, we still have to file US taxes etc. The US is very strict on foreign investments because so many people have tried in the past to hide it overseas.

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October 14, 20080 found this helpful

Depends on where the money in Canada came from,

If in fact the money in Canada came from the US, is there a forward audit trail linking Canada and the US,

If that audit trail and or link does exist it will be easy to tie the two together..... therein lies your answer

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October 16, 20080 found this helpful

I think this is a question for the bankruptcy lawyer. That's what they get paid for.

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