Q: Filling out business loan ap, as personal guarantor. Asking if ever filed bankruptcy. Its over 10yrs old. Disclose Y/N?
A: Federal and most likely your state's law ( or the applicable state law if an out of state lender) would require you to be truthful on your loan application. If there is space provided, add a notation of the date the bankruptcy case was filed. You should under no circumstances omit any requested information on the loan application. Many bank fraud criminal cases arise when the borrower later files a bankruptcy case. This information will go to the lender and they will most likely review the statements made on the loan application for any available legal grounds to object to your discharge on that debt. In the course of that investigation, your false statement by way of non-disclosure of the prior bankruptcy could be used against you in civil and criminal proceeding.
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