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Perhaps. If the filing party is on a deed for real property or joint bank account with the others that property might be "frozen" until the amount each party is entitled to is proven. It will depend on what the property is and how it is titled. If this is the issue it would be advisable to consult a bankruptcy attorney.

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Q: Can assets of the people you live with be seized if you declare bankruptcy?
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If you are not paying your creditors will you lose the money in your bank accounts in the bankruptcy?

Yes, once the bankruptcy is filed checking and savings accounts become part of the debtor's assets and the accounts will be "frozen" until the trustee determines the amount of funds that are not exempt under BK law and can be seized to pay creditors.


Can you receive a tax refund this year if you filed bankruptcy last year?

You need to discuss this with your attorney. Once you receive your tax refund, it's part of your personal assets that could be seized to pay creditors. If you file bankruptcy before you get your taxes then the government will keep your tax refund and put it towards your debt. The bankruptcy court has 1 year to go back and open your case even after your bankruptcy has been discharged. If you can prove that the money is needed/used for catching up rent or other nessacery bills they will not take it.


Who bough over crossland savings bank?

FDIC seized the bank and gave the assets to HSBC and WAMU. But I'm sure there are more banks that have some more accounts.


If you have never been late on mortgage payments and file bankruptcy can the trustee make you sell your house to have more income to pay creditors?

If you have a lot of equity they can take your house, but if your loan is about what the house is worth then they don't want it..... They want to be able to sell somthing to pay the creditors.... It is very rare for a home to be seized and sold in bankruptcy; generally it is done voluntarily by the debtor/filer because they cannot manage the mortgage payments or a reaffirmation agreement is not possible. The state homestead exemption is what protects a home from a forced sale in bankruptcy or in a creditor lawsuit.


What happens to your federal tax return if you filed chapter 7 bankruptcy?

Generally a portion will be included in as a non-exempt asset to be used to repay creditors. In some cases the entire refund can be seized, this depends upon the filing status and the time span between the two actions.

Related questions

If you have assets in your home can you be force to sell it if you file bankruptcy?

If the value of the assets greatly exceed the allowable exemptions, then yes they can be seized.


where can i get a small business loan, that i do not have to repay?

You can take a small business loan, but you will have to repay it or face bankruptcy and having your assets seized. Instead you can pursue a grant, which you do not have to repay.


Are longterm care health insurance policies assets that can be seized in a bankruptcy?

No...they have no liquadation value. Actually, it's not an asset...but rather an expense or liability (for the amount of the contract payment).


Is your home seized when you file bankruptcy?

No


What is a sentence with the word seize?

Police Seized my truck. Illegal assets must be Seized.


If you are not paying your creditors will you lose the money in your bank accounts in the bankruptcy?

Yes, once the bankruptcy is filed checking and savings accounts become part of the debtor's assets and the accounts will be "frozen" until the trustee determines the amount of funds that are not exempt under BK law and can be seized to pay creditors.


If a spouse files for bankruptcy will assets such as property that are in the name of the of the other spouse only be seized?

Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.


Does it pay to become a Florida resident when buying a home?

Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.


Quick claim deeded your home in Arizona now you cannot file for bankruptcy?

Question isn't very clear -BUT- if you "quit claimed" your home prior to filing for bankruptcy, they might consider that you voluntarily divested yourself of any assets so that it couldn't be seized for satisfying your debt(s). Because of that move, they might be able to prevent your filing.


Can you receive a tax refund this year if you filed bankruptcy last year?

You need to discuss this with your attorney. Once you receive your tax refund, it's part of your personal assets that could be seized to pay creditors. If you file bankruptcy before you get your taxes then the government will keep your tax refund and put it towards your debt. The bankruptcy court has 1 year to go back and open your case even after your bankruptcy has been discharged. If you can prove that the money is needed/used for catching up rent or other nessacery bills they will not take it.


Do you have to report a structured settlement from a car accident and can you still file Chapter 7?

AnswerYou have to report ALL assets. Any individual can file for Chapter 7, but the whether you are eligible for a discharge is another matter. Your ability to get a discharge depends on your assets, income, debts and monthly expense. Beginning October 17, 2005, it will also become much harder to file for bankruptcy. If you are seriously considering filing for bankruptcy, you should see an attorney right away.Often the bankruptcy court will determine that a structured settlement is an exempt asset, so it would not be available to creditors. However, if you don't report it, then there is a risk that at some point in the future the structured settlement will be seized by the bankruptcy trustee and/or the old creditors.


Does Florida allow seizure of joint property in civil cases?

In Florida - except for a homesteaded residence, nothing is safe from seizure from a court order or bankruptcy. Even jointly owned assets may be seized and sold. Half of the proceeds from the sale or liquidation will then be retruned to the non-involved spouse.