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I am my mother's legal trustee due to alzheimers I am filing BK will this affect my trustee status?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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How do you amend a bankruptcy filing?
Contact the trustee who is in charge of the BK.
How does bankruptcy affect inheritance property?
You must list an inheritance (or even possibility of inheritance) within 180 days of filing BK. So if you are to receive an inheritance, even if your BK was already discharged, within 6 months of filing, you must inform the BK Trustee (who would have the right to take the inheritance to distribute among the creditors)
Can a bankruptcy trustee sell assets not owned but being used or leased at the time of filing?
No.
If a person has filed chapter 13 bankruptcy and their financial circumstances change what can they do?
It is very important that the BK participants contact the bankruptcy trustee as soon as possible when they experience changes that directly affect the filing status.
Do have to file taxes if you are filing bankruptcy?
Yes, you do. And any tax refund may have to be given to the trustee.
Can you sell personal property when filing bankruptcy?
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.
Can filing bankruptcy affect a living trust?
Yes. If the trust is not a true trust (i.e., the settlor, trustee and beneficiary are all the same person) or if the trust is revocable, the trustee can pursue the trust assets. If the debtor is the beneficiary of a living trust and can or has gotten a distribution of some of the trust assets, the trustee may be able go after the assets to the same extent the debtor is eligible to receive a distribution. It may be possible to negotiate a settlement of less than the full amount of the assets with the trustee.
How does a trustee know what they can sell in a chapter 7 and does a person have a trustee if they have a lawyer?
Both the laws and the bankruptcy filing, and the info the court finds (like that provided from creditors...who will ask the trustee about things you claimed to own on your crdit application), and from credit reports and tax returns, all types of things provide information for the trustee to act on. The trustee exists with or without a lawyer. In fact, your lawyer may be an advisory to the trustee on many things.
What kind of paperwork does the trustee need in order to sell the house after filing chapter 13?
Unless the house was owned free and clear by the debtor, the trustee does nothing. The mortgagee forecloses and auctions the house off. If there was no mortgage, the trustee will either sell the house or auction it off.
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
How will your forclosed home affect your credit after filing bankruptcy?
It will be a negative mark on your credit file, furthermore you will have no money and it is unlikely there will be any remaining funds to pay your creditors because any funds will be used by the trustee to repay the creditors noted in your bankrupt estate.
How long does it take for a trustee to refund your tax refund after filing chapter 7 bankruptcy?
The tax refund goes into the bankruptcy estate. If your chapter 7 filing did not exempt the refund, the money will be used to pay the trustee and to pay your debts pro rata. That is, each creditor gets an amount equal to the percentage the debt is to the total indebtedness. You are not likely to get anything back, but if all the debts are paid off 100 per cent and the trustee is not entitled to any more money, the balance will be paid to you. The trustee should have decided what s/he is going to do. If you have a lawyer, s/he should discuss it with the trustee. You can also talk to the trustee or your case manager. I doubt you will get any of the refund, but make sure to stay on top of the issue and get notices of any trustee motions regarding these funds.
