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In a chapter 7 will the trustee take your children's toys such as video game systems action figure collections baby swings or walkers?
Wiki User
∙ 16y ago
Highly unlikely. If those items belong to the children, then there is no chance the court will take them since the childrens' assets are not part of the bankruptcy estate and do not need to even be listed on the schedules. However, if those items belong to the person(s) who filed bankruptcy, then those assets do need to be listed on Schedule B as assets, but generally the court still would not sell them because more than likely those assets will be deemed "exempt" and thus safe from being sold by the court. Each State's exemption laws vary, but normally there is enough protection everywhere to protect most household goods. Also, even if those items are not exempt, most trustees do not want to sell even non-exempt assets if the sale would not result in substantial money to pay creditors. Generally speaking, childrens' clothing and property, unless you own A LOT of it, will not generate enough money to make it worth the trustee's while to sell. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Wiki User
∙ 16y ago
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When does a person need a trustee?
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
What is a Chapter 13 trustee used for?
Chapter 13 trustee is an entity, generally an individual, with the responsibility of managing a chapter 13 bankruptcy estate. The Chapter 13 receives the debtor's monthly payments and then distributes those funds proportionally to the debtor's creditors.
Can you lease a car in chapter 13 bankruptcy without getting permission from the trustee?
You will need permission from the trustee before doing anything financial while in chapter 13 bankruptcy. You will have already signed paperwork agreeing to full disclosure with your trustee when you filed.
Do you have to report a life insurance payout to a Chapter 13 trustee?
Yes. You must report any additional income to the Trustee. If the Trustee or even worse, the US Trustee find out, they can press federal charges against you.
Do you have to get permission from the bankruptcy trustee to finance another car?
If you are in a Chapter 13, then you must get approval from the trustee if you wish to incur more debt.
How can you find out the status of a chapter 7 bankruptcy?
Contact the trustee who is in charge of the case.
Can you change from a chapter 13 to a chapter 7 if you have 1 year or two to go in your bankruptcy in Louisiana if so how?
Converting a 13 to a Chapter 7 is not uncommon and is usually allowed. The first step in the procedure should be contacting the Chapter 13 BK trustee. The trustee will be able to inform the involved parties if they qualify for the conversion.
When is the eairlest you can buy out of chapter thirteen and not have to repay unsecured loans?
You will have to have the agreement of the trustee. The trustee will base the decision on how well you have managed over a period of time...
Can a debt collector still collect your debt if you file chapter 13?
No they cannot, as long as you included them in your bankruptcy. They would be in violation of Federal Law, and liable to suit and possible penalty from the bankruptcy court. The bankruptcy attorney, or the trustee should be notified about any collections on a bankruptcy account.
Can you purchase a house if you pay off your chapter 13 early and have permission from your Trustee?
If you pay off your Chapter 13 early and receive your discharge, you won't need permission from the trustee for anything. The case will be over and you can make whatever purchase you qualify for.
Can you buy a timeshare for a condo while still in a Chapter 13 or do you need the trustee's permission to do so?
No. All financial transactions that are not considered necessities have to have the trustee's agreement in advance.
Do you need a trustee for chapter 7?
Yes, but the court usually appoints one for you. In Chapter 7, the trustee's job is to gather your non-exempt assets (if any) and sell them to pay the creditors, or to verify (as in most cases) that there's no non-exempt assets.
