Yes. And, if the sale of the asset is deemed fraudulent, or just unfair, the trustee can seek to "avoid" (i.e. cancel) the sale and drag the asset back into the bankruptcy estate.
For example, if the debtor sells his 2009 Chevy Corvette for $10 to his dad and then files bankruptcy, you can bet the trustee will seek to avoid that transfer as a fraudulent transfer and the trustee will grab the Corvette.
Or, if someone sells the debtor a 1974 Ford Pinto with no transmission for $1,000,000 before the bankruptcy is filed, again the trustee will likely avoid the sale and go get the money back since the debtor was treated so unfairly.
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!
When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are placed in exemption are permitted to be sold, but the trustee should be notified prior to the sale.
Not as a rule. If the claim was something that arose after the filing, it will depend on the nature of the claim. If the claim arose prior to filing, you must have disclosed the claim in the bankruptcy documents and the trustee may take over the claim. Consult a lawyer knowledgeable in bankruptcy.
Not really. Cash advances can and will be scrutinized by the bankruptcy Trustee for up to ONE YEAR prior to your bankruptcy filing date. If you take a cash advance and then file bankruptcy, that portion of your debt may not be discharged, on top of having to account for why you took it and what you spent the money on.
Doing so might jeopardize your bankruptcy and land you in jail.
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.
The quick answer would be no. Any money received prior to filing would not be included in your bankruptcy estate and this, not recoverable by the trustee. Any money still owed to you would be part of the estate and would be collectible. What I would want to know is if the money was completely spent or otherwise exempt on the day you filed. I disagree, and really don't understand the above. Any asset you had or had a right to (that would include everything you received, or things you have yet to receive - like tax refunds for overpayment of taxes) from earnings made PRIOR to your filing date are part of the BK estate. They are available for use to pay the liabilities or debts incurred or due from the PRIOR to filing periods. I do not understand why you would think a tax refund you received prior to filing BK would be exempt? The earnings from prior to BK, or savings accounts established prior to BK aren't. All your refund is - is an overpayment of the estimated payment of taxes for those periods...had you had the correct amount withheld (or estimated) for the tax...and had this same extra amount deposited and saved in a US Bank (instead of with the US IRS), you would agree it was available to the estate for creditors wouldn't you?
Bankruptcy rules require that any state and federal taxes be paid prior to the transfer of the liquor license to someone else. The liquor license is considered a negotiable asset.
If you still owe federal income taxes, they will. But if they don't take it, the chapter 13 trustee gets the tax refund. You should have listed any income taxes that were dischargeable (due more that 3 years prior to the filing date).
No. It only protects you (financially speaking) from your creditors - NOT from the court. ALSO: Bankruptcy does not wipe out, or excuse, court ordered payments that were in effect prior to the bankruptcy filing.
After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,000 you are obliged to advise the lender that you have filed for bankruptcy.
The way this question is worded implies you want to manipulate the inheritance to avoid including it in your bankruptcy. If you become an heir to land or any property (cash, motor vehicle, etc.) prior to filing or while you are in bankruptcy, or within 180 days after discharge, you must disclose the inheritance to the trustee and the court, even if you have not actually received the property. There is no "waiting."
Yes. If you are declared bankrupt, the Official Receiver will review your conduct leading up to the bankruptcy. If you have obtained or used credit immediately prior to the bankruptcy, this could be considered fraudulent use and the Official Receiver may apply to Court for a bankruptcy restrictions order against you. Depending on the seriousness of the offence, this could be for a period of up to 15 years. The main restrictions in bankruptcy are; you cannot obtain credit of more than £500, you cannot be a company director and you cannot hold certain public offices, such as the trustee of a charity.
You can.And in all fairness, you might consider disclosing to your new landlord that you intend to file, especially if you plan to declare any funds due in your new housing situation on your bankruptcy petition.
You can, but it will likely be reviewed and reversed by the court as being preferntial and in anticpation of bankrutpcy.
Your bankruptcy attorney can help you determine whether or not the special assessment was part of your bankruptcy proceeding.
You should liquidate the company after filing bankruptcy. If you do it prior to filing, it might be seen as an attempt to commit fraud and not pay off debtors. You would be safer to file and then follow the directions necessary. Consult an attorney in your area before making any big moves!
401K money is protected from the bankruptcy trustee. So, I would not touch it at all. The only thing dumber financially than doing what your are suggesting is to take a loan against the account. YOU NEED PROFESSIONAL HELP WITH YOUR SITUATION IF YOU DON'T UNDERSTAND WHY!
In order to file for chapter 13 bankruptcy you need to submit proof that you have filed your state income tax returns four years prior to your bankruptcy. You must have a regular income and believe such debts can be repaid within a reasonable amount of time. Also counselling must be obtained before filing for bankruptcy.
You pretty much have to disclose anything requested by the filing or trustee. Period. And common sense would say you want to keep on as good and co-operative terms as possible....they are actually working to resolve YOUR problems under the law as YOU requested by filing. Understand, your last filing is a matter of public court record and is available anyway...don't be confused by the time limits on what a credit agency reports. A prior filing of this age is not really important to the admin however. The court is concerned with people who seem to abuse the process, filing every few years and making it part of their "financial plan".
It is possible, but not very wise. What will probably happen is the court trustee will ask the BK be denied. Any high priced or luxury items bought 30-60 days before filing send "red flags" to the trustee. Which indicates the lack of sincerity on the debtor to honor their debts. IMO I would not do this.
A valid bankruptcy filing will appear on your credit report for up to 10 years. If the information is accurrate, then it cannot be removed prior to that time frame. Be cautious if someone promises to have it removed.
No, just the opposite. Bankruptcy is the ultimate "train wreck" of a person's financial standing. Even after the ten year SOL there will be a public record, and the consumer will still be penalized for it. Bankruptcy, is not, as some are led to believe, the magic cure for debt problems.
If the debt was incurred prior to the bankruptcy, then you cannot file a lien and your debt will be dealt with in the Chapter 11 plan of reorganization. If the debt was incurred after the bankruptcy, then any action you do take must be approved by filing the appropriate with the bankruptcy court first.