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.
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.
If the owner has filed bankruptcy the property cannot be sold. It is in the legal possession of the trustee in bankruptcy who cannot sell any property without the permission of the court. You can contact the court for the name and contact information of the trustee and direct any questions you may have to the trustee.
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
You might have had assets in excess of your statutory exemptions that the trustee is legally obligated to collect and pay your creditors.
The trustee will be sending you a letter about what will happen in the 341 meeting, that's how you will know.
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.
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.
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.
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.
Contact the trustee who is in charge of the BK.