Tort Settlements: Undisclosed Assets

The petition is filed. At the § 341 meeting, the trustee asks the debtor whether there have been any personal-injury actions, whether the debtor has the right to sue someone, and whether the debtor inherited any assets 180 days prior to the petition date or within 180 days after the petition date. However, debtor clients often intentionally or inadvertently fail to disclose an asset. This panel explores best practices for dealing with these and other post-filing litigation pitfalls, and for handling cases where there are undisclosed or undiscovered assets.