Chapter 7 is total liquidation, so basically you present the court a total financial picture of yourself, assets and debts. The court will distribute what it can of your assets to your creditors. In my case, I had no assets but the court took my 2700 tax refund and distributed it. So my answer is yes, they would force you to hand over the funds to the trustee.
No. Only the amout of money needed for everyday living expenses. Once you file, the trustee can seize any cash assets he/she deems necessary to pay down creditors. Get rid of it or the courts will.
Your 401K account is exempt from creditors when you file BK. So leave the account alone. If you withdraw money and transfer it to another type of account, then the BK trustee can seize that money. Because of that, it is NEVER advisable to withdraw from your 401K when a BK is possible in the future.
Sure. But expect the trustee to want that money, unless the amount in the savings account was exempt. Transfers of assets otherwise available to the bankrupt estate for the purpose of filing bankruptcy is a federal crime. Consult an experienced bankruptcy lawyer, since there are permitted transfers.
Can u keep your checking account after filing chapter 13?
ALL money, including CASH HAS to be reported to the bankruptcy court. If you are dishonest in anyway, it can compromise your ability to receive a discharge. It's fraud. AFTER you file bankruptcy, you certainly can start a small savings account; but, not prior. Any money prior would probably be taken to pay creditors by the trustee.
You need to contact a bankruptcy lawyer since you need to have one to file. Which chapter depends on how much money you have, you may not qualify for chapter 7 if you have too much money.
The top five reasons a couple has for opening a joint savings account include: having it available for emergency funds, better household budgeting, transparency so both know how much money is available, investing in a low yield but highly secure account, and finally being able to file joint tax returns.
Yes, anyplace. virtually always is.
When you file for bankruptcy, all your assets are revealed to the trustee and basically frozen. No, a creditor probably won't put a hold on your savings account after you file but they can until your bankruptcy is discharged. Usually a letter from your attorney saying you have filed bankruptcy will stop this action.
No. As long as you are filing for bankruptcy by yourself, your money with your husband will remain joint. Keep in mind that any debts you may share with your husband will remain with him as well.
go to www.beatlandscreditrepair.com they have a lot of information about bankruptcies.
What is Legal to file Chapter 13 on ?
No, you can reaffirm it and continue to pay your obligation.