Bankruptcy Foreign Assets
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7 Tips to Declare Bankruptcy for Expats Hire an attorney. ... Learn the types of personal bankruptcy. ... Attend a counseling session. ... Obtain a certificate to file with your bankruptcy petition. ... Submit a bankruptcy petition with your financial statements (income, debts, assets) ... Submit a means test form.
Chapter 15 provides that after a foreign proceeding is recognized a bankruptcy case concerning the same debtor may be commenced in this country only if the debtor has assets located here. See 11 U.S.C. § 1528-1530.
A foreign (non-U.S.) company can be dragged unwillingly into a U.S. bankruptcy case if the bankruptcy court has ?personal jurisdiction? over the company. The chapter 11 case of In re Arcapita Bank B.S.C. (C) provides a reminder that the bar is fairly low to find that such jurisdiction exists.
§1515. (a) A foreign representative applies to the court for recognition of a foreign proceeding in which the foreign representative has been appointed by filing a petition for recognition.
However, you do need to realize that everything you own, even if it's an overseas asset, is subject to the bankruptcy analysis and it may ultimately end up being liquidated to pay off your creditors in exchange for the bankruptcy discharge.