I am asked if I ever filed bankruptcy
October 23rd, 2007 by Questions
While filing a business document, one of the questions asked is if I`ve ever filed bankruptcy. I have, but that was 20 years ago and I am afraid that if I answer in the affirmative, it may affect my chances of obtaining such business. What should I do and can they still find out about it? Thank You.
One Response to “I am asked if I ever filed bankruptcy”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
October 24, 2007 at 10:19 am, A licensed trustee said:
If someone asks you “have you ever filed for bankruptcy?” and you have the only acceptibale/correct/honest answer is “yes”.
When a person files for bankruptcy that fact is displayed on their credit bueau report for up to 6 years after their discharge. After that the information is no longer displayed, but it doesn’t change the fact that the bankruptcy happened.
If you fail to disclose the fact that you have been bankrupt on a credit application and something goes wrong with your loan in the future, your failure to disclose may be construed as an act of fraud. You’ll have to decide for yourself whether or not the risks are worth it. In my opinion, they are not.