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Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
These assets should not be effected at all.
Yes. Consult a knowledgeable bankruptcy attorney.
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.
Question is unclear. Who are you filing bankruptcy for, her, or you? If for her, it should not affect you, personally or financially, in any way. If you are filing bankruptcy for yourself, your status as the trustee of, and your availability to, someone else's assets may come under close scrutiny by the bankruptcy court and your creditors. It they suspect, or can prove, any co-mingling of your assets with that of your mother's, REAL problems could ensue.
No.
Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer should contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.
PA. has a "Strong Arm" Clause in conjuction with the fraudlent conveyance statutes. This gives the trustee almost unlimited powers in recovering assets (up to one year before bk filing)that have been transferred fraudulently. The penalties are the dismissal with prejudice of the bankruptcy, and/or the immediate liquidation of nonexempt assets, property including forced sales, etc. Attempting to "hide" nonexempt asssets from creditors is never advisable and can create serious legal repercussions.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
No. Basically you start a new after filing. Your pre-petition assets are used to pay your pre-petition debts. That's bankruptcy. You should understand it before you do it. You don't chose what assets, and/or which debts...everything in your past gets involved. Then you start a new.
It can't be kept. All assets must be declared, even cash. Anything left out can be treated as bankruptcy fraud.
yes