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Has anyone ever filed for bankruptcy who checked to see what part of their records were made public Is it just a summary or is it every detail including your inventory of personal property?
Wiki User
∙ 16y ago
I believe that in BK you are swearing and announcing to all that "this is all of what i owe"....and "this is all of what I have"....and asking for forgiveness of (at least some of) what you owe, in exchange for what you have to give...that is and has to be a public record. It is for certain open to challenge by anyone who can show your not complete and fully accurate on either claim.
Understand...BK isn't actually a personal thing....your making everyone else, whether they want to or not, allow you out of your promises (which is certainly one good reason everyone should have a right to check on how truthfull you are being now) and basically just take from them at their expense and your benefit. It costs others individually and society as a whole. We have a right to know.
Wiki User
∙ 16y ago
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Is property includible in inventory a section 1231?
Examples that are not Section 1231 property include personal use property and inventory.
If you file bankruptcy because of personal debts related to your business then sell your business after the bankruptcy can the courts take your proceeds?
== == YES. All of your property is considered in a bankruptcy. Your creditors have every right to get at ALL of your property including your business assets. I would be very surprised if the court didn't order the sale of the business to satisfy the creditors demands.
Can they take your furniture or other personal property if you file bankruptcy?
yes, but if you are, than RUN!
What is the property limit you can include on a bankruptcy?
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
Can bankruptcy be filed on partially own property?
The answer to this really depends on the nature of the property and how it is held (i.e. tenants in common, joint tenancy). You can file for bankruptcy for your personal debts. If the ownership debt is easily severable then it is likely that you would be able to file for bankruptcy and include the property as well.
Homestead exemption for bankruptcy in Illinois?
Under Illinois Bankruptcy laws, the homestead exemption includes farm lot & buildings, condominiums, personal property or cooperative. These homes can be owned or leased. They can be up to $15,000, including the proceeds of sale for one year.
When filing Chapter 7 bankruptcy should a car that is not paid off be included on the schedule of personal property?
no
Are there any personal exemptions of property in a bankruptcy action?
If you mean exemptions of personal property, as opposed to real estate, yes, but they depend on state exemptions or federal exemptions in states that allow a choice of state or federal exemptions. Consult a local bankruptcy lawyer for specifics for your state.
When your car is repossessed in Texas are they allowed to open it?
YES, they have to get your Personal Property out to inventory it and store it until you pick it up.
If you have an IRA can they take money from it when you go into bankruptcy?
IRA's are exempted personal property. Creditors can not touch this money to pay debths.
Will an officer of the court inventory your home in a bankruptcy?
No, the court will require you to present specific documents related to income, assets and debts. When documenting assets you list all your real and personal property and you are under oath and subject to perjury if you intentionally hide or mislead the court as to the value of said assets.
What if assets are primarily personal property?
All states have a set of exemptions that can be used by the debtor to protect specific types and amounts of real and personal property in a bankruptcy or lawsuit action. Creditors rarely use a lawsuit judgment to seize personal property such as household goods exempt or not, the process is just not worth the effort. The exception is if the property is collateral for the debt, for example a big screen TV bought on a merchant account such as Sears. In bankruptcy the decision is made by how the trustee chooses to determine the status of such property under the state and/or federal exemptions.
