Currency in the Bankruptcy Context
For most debtors who are filing bankruptcy, there is no benefit to holding currency versus holding funds in a bank account. All assets, regardless of form or location, must be disclosed on the bankruptcy schedules. In that sense, currency in a safe deposit box, a mattress or buried in the back yard is treated no better or worse than funds held in a bank account. The same is true of precious metals. There are instances where it is better for a debtor to not have funds in a particular depository account, such as when the debtor owes that particular depository institution on a debt that will be impacted by the bankruptcy filing.
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For more than 20 years, the Sasser Law Firm has been helping individuals and business owners sort through financial hardships to see the light at the end of the tunnel. Our North Carolina bankruptcy attorneys are all board-certified specialists, which means we have passed a complex exam, undergone a thorough peer review, and continue to earn legal education credits in this ever-evolving area of law.
