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Can you sell assets before declaring bankruptcy?

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Can you sell assets before declaring bankruptcy?
yes this is usually what is done, as this is how the business may pay off some debts.
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Do you have to declare bankruptcy if you have a foreclosure?

No. But, it may be in your favor to do both. Check with a lawyer.

What is no asset bankruptcy?

No asset bankruptcy is a term used to refer to Chapter 7 bankruptcy. Usually in Chapter 7 cases, a person's entire debt is wiped clean. In many cases, the bankruptcy court wil

Why declare bankruptcy if you do not have any assets?

Answer   If you have no assets, then it's a great way to get rid of debt. Chapter 7 bankruptcy is FAST, and normally pretty cheap compared to what you get (all your debt

What are the consequences of declaring bankruptcy?

A discharge in bankruptcy means all your unsecured debts are discharged and your secured debts have either been reaffirmed or the collateral has been surrendered and the remai

What assets can they take in bankruptcy?

Its easier to consider what they can't/don't:   401K or IRA account. Household Goods. Work Tools. Reasonable (read cheap) Car., Medical type devices, a few other things.

Can you declare bankruptcy for overpayment for unemployment?

No. You can file for bankruptcy for debts to be discharged. If you are being asked to repay the overpayment, that is a debt.Whether it can be discharged or not depends on whet

Can you be forced to sell your home if you declare bankruptcy?

  Answer   Maybe but not normally. Generally speaking, you can keep your home during a Chapter 7 case so long as you "reaffirm" the debt to the mortgage company dur

Why did Lehman Brothers declare bankruptcy?

I really don't think that it was necessary for lehman's to declare bankruptcy but feel that after the US government bailing out others they should have also considered helping
What is a no asset chapter 13 bankruptcy?

What is a no asset chapter 13 bankruptcy?

That is not how a Chapter 13 is usually described, since assets are irrelevant except to compare what a Chapter 7 would provide to unsecured creditors. But it is possible that

When can you declare bankruptcy?

It depends on the specific type you are filing for. But whether you are an individual or a corporation, the monetary amount of debt, and how much you make annually can all fac

In the event of bankruptcy who has the claims on the assets?

  It depends on what assets you are talking about. Should you declare things like your house and car in your bankruptcy the bank or financier would have a claim to them fi

Can you sell your house after bankruptcy and before foreclosure and who gets the money?

Bankruptcy is a complicated topic and there are different levels with different consequences. Foreclosure and bankruptcy is an even more complicated situation. You should cons

What if you sell your vehicle before filing bankruptcy?

 Answer   Selling or otherwise transferring an asset in anticipation of bankruptcy can cause issues. See a lawyer in your area.     Please note that nothing in