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I am asked if I ever filed bankruptcy

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”

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.