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Can a bankruptcy trustee take possession of a car or demand the car value because a lien 'was not perfected in timely manner'?
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Answered 2006-10-18 20:22:38
Yes, the Trustee can and it does happen. Every creditor that has a secured lien must file the appropriate paperwork with the appropriate state agency and in most states, doing it within a certain number of days. Normally 20. If they don't do it timely, the Trustee can avoid the lien because it is voidable. In bankruptcy, Trustees have the power to void certain types of liens and unperfected or faulty-perfected liens are one of them. What to do? Easiest is to give the car to the Trustee. Then you may want to consider a separate cause of action against the car dealership for faulty perfection filing. May be able to recover the fair value of your use of the car. You won't have to pay the note back on the car. More opinions from FAQ Farmers: * Probably. You always have the right of appeal, though. And then a judge would decide if it is allowable.
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Can you buy a house if you have filed for bankruptcy?
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.
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Bankruptcy trustee.
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The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
Why would a trustee in a bankruptcy ask for authority to employ an attorney?
The usual reason is the trustee has found evidence that indicates the bankruptcy filer has non-exempt assets that were not reported. This however, does not mean the trustee necessarily believes it was intentional; perhaps the filer did not realize he was owed funds that should have been reported. In rare cases it is because the trustee suspects dishonest activity relating to the bankruptcy. In extreme situations the trustee may refer the case to the U.S.Trustee Office for further action.
Why would your bankruptcy trustee object to your stopping your bankruptcy?
You might have had assets in excess of your statutory exemptions that the trustee is legally obligated to collect and pay your creditors.
How do you find out who your bankruptcy trustee is?
The trustee will be sending you a letter about what will happen in the 341 meeting, that's how you will know.
Can bankruptcy trustee take structured settlement?
For a bankruptcy trustee, it is possible but it would be determined on a case by case basis. More than likely the debtor will not be granted to have access to the structured settlement whether or not the bankruptcy is approved.
Can the Trustee take money after the bankruptcy is dismissed?
NO....DUHHHHHHHHHHHH
What if you win a lawsuit after you filed bankruptcy?
Unless the likely judgment was exempted, or the claim was abandoned by the trustee, all or part of it has to go to the Chapter 7 trustee, or all of it to the Chapter 13 trustee. Talk to your bankruptcy lawyer or get one.
How do I know when my bankruptcy is final?
You will receive a letter that your bankruptcy is discharged. You can also call the bankruptcy court or the trustee and find out if it is final.
Can one sell property after the trustee has indicated what assets must be liquidated?
If you are in the midst of a bankruptcy proceeding the title to all your property is in the trustee. You can't sell any property. You should direct any questions to your attorney or to the trustee in bankruptcy.
Will the bankruptcy trustee take all of your tax return refund?
I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, then the refund is yours.
What is the process for declaring bankruptcy?
Filing for bankruptcy can vary depending on country, state/province, and city. Assuming you live in Canada, you will need to schedule an appointment with bankruptcy trustee. Many bank and financial institutions have a preferred bankruptcy trustee within each city they have branches. Once the trustee agrees that you qualify for bankruptcy, then they will being the paperwork. You will be required to pay the trustee for their administrative duties, which will likely take 3-6 months. The end result is bankruptcy will be declared, your debts will be forgiven, your credit history will be significantly diminished and will stay on your history for at least 7 years.
How do you amend a bankruptcy filing?
Contact the trustee who is in charge of the BK.
Can you sell property before you file bankruptcy?
Yes but the trustee can seek to include the money received in your estate. If you have sold it to family or friends to avoid losing it in bankruptcy, the trustee can have the sale reversed.
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.
Your personal bankruptcy was filed in 2000 can your name be added to a CD account?
If your bankruptcy was "discharged" in 2000, then yes. Discharged means it is done! If you are still in a chapter 13 bankruptcy, still paying the trustee--then no. If the trustee finds out about the CD, it will cause lot of problems.
Will I need to get all debts together for bankruptcy?
Yes, whether or not they will all be included in the BK will be the decision of the bankruptcy trustee.
What steps are required to file for bankruptcy?
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Can you put an eviction in a bankruptcy?
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Can you sell personal property when filing bankruptcy?
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If you are in a Chapter 13, then you must get approval from the trustee if you wish to incur more debt.
Can you sell your house while in bankruptcy?
You cannot sell your property during a bankruptcy proceeding. If a bona-fide offer is made to purchase the property a motion is filed for permission to sell. If allowed, an order is issued by the court that frees the property from the bankruptcy so it may be sold free and clear of your bankruptcy by the trustee. The proceeds from the sale will then be controlled by the trustee in bankruptcy.
Will your current checking and savings account be affected by your filing bankruptcy?
Yes. It has to be turned over to the bankruptcy trustee to be counted as an asset.
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