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Can your bankruptcy be revoked if you do not turn over the money to the trustee?
Wiki User
∙ 15y ago
Absolutely! You understand that in YOUR filing you begged for the Court to take the actiona, incl a trustee take car of things, don't you. They are on your side! What he wants you to pay is only a portion of what you swore to everyone you would use your money and assets to pay, frequently before anything else...in many ways the money isn't even yours. And then at some point, even if hasn't collected enough to actually pay things off...he discharges the rest.
Wiki User
∙ 15y ago
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Being in a Chapter 13 bankruptcy and receiving money for a personal injury settlement two years after filing do you have to by law turn that money over to the Trustee or bankruptcy attorney?
Why aren't you asking your bankruptcy attorney? It depends on the amount and what the award is for. And the details may depend on what bankruptcy court your 13 is in. You may be able to use the money to prepay your 13 plan and get out of bankruptcy. The money would go to you, not the bankruptcy attorney (unless you owe the attorney money). What claim the trustee would have is the issue.
Can a person who has filed bankruptcy serve as trustee of a trust?
Yes. However, they may not be a good choice. Trusteeship is an office that requires a trustworthy, capable person who can manage trust funds to the benefit of the beneficiaries. If a person has mismanaged their own money to the point of bankruptcy they may not be a good choice for a trustee where they will be given complete control over trust funds.
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.
Is it legal to receive money from a deceased family member while in bankruptcy?
Yes, but the inheritance will become part of the BK estate, which means the money would have to be turned over to the trustee to pay off your creditors (i.e. you do not get to keep the inheritance).
If you file business bankruptcy do you also file personal bankruptcy?
I suppose you could, but even if you did manage to get the financing together to open another business, any profits from it would be subject to seizure by the court and the bankruptcy trustee to pay off the bankruptcy judgement. There is no bankruptcy "judgment." If the bankruptcy is over and you have your discharge, you can open a business, and any money you make is yours. Providing the first bankuptcy is discharged.
After bankruptcy you got inheritance can a creditor with a secured promissory note go after the inheritance?
No exactly. If you inherit any money within 180 days after you filed the bankruptcy, it will become property the estate. The creditors cannot go fater it, but the trustee can force you to turn over the inherited assets. See section 545 of the bankruptcy code.
Can they hold your federal return in chapter 7 bankruptcy?
The trustee can ask you to turn it over to him if he knows that you are getting a refund back.
Which of these is a description of a bankruptcy?
a federal law whereby a person's assets are turned over to a trustee and used to pay outstanding debts
If you do not owe the IRS will your refund been taken if you file bankruptcy?
It depends on the courts. I had a friend who went through bankruptcy and was owed a refund from the IRS. The trustee for the bankruptcy ordered her to turn over the refund to the courts to be paid out to creditors. So it could happen, but they cannot actually intercept or offset your refund. They will just order you to pay it to the trustee.
Can you file your taxes right after you file bankruptcy?
Certainly. You should have disclosed what you expect from your tax refund in the Statement of Financial Affairs, and you have to turn the refund over to the trustee whether you disclosed it or not. Failing to disclose and failing to turn the funds over to the trustee could get you in serious trouble.
If you inherit money after a ch 7 bankruptcy how much time must pass before I have to pay said money to my creditors?
If your bankruptcy is over....it's over. There is no claim to what ever you get in the future.
How do you know when your chapter 13 bankruptcy is over?
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.
