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If the bankruptcy is a Chapter 7, and the asset is not exempt, you cannot sell it. It is the property of the bankruptcy estate administered by the trustee. If the asset is exempt, you can sell it and keep the proceeds. If the asset sells for a lot more than you listed its value as, be prepared for a claim by the trustee.
If in a Chapter 13 and the Plan has been approved by the court, you are a debtor in possession and can sell assets with no problem, unless, as above, the asset turns out to have a significantly higher value than you listed.
What else can I help you with?
When is land consider a current asset?
Never, land is a fixed asset that is listed under Property, Plant and Equipment or PP&E, but is never listed as a current asset.NO, land is not considered a current asset as typically it is not easily liquidated into cash. Land goes under the PP&E section of the balance sheet, hence the term Property, Plant, & Equipment and is classified as a long-term asset.
Can judgments be discharged in bankruptcy?
Perhaps, many judgments can be discharged in bankruptcy. The ones which are allowable are determined by state and/or federal laws, depending on the type of bankruptcy chosen. Understanding that if it gets removed it is because it was included and settled/discharged as part of the BK, generally by using the asset it is secured to, or other assets...it isn't just file BK and the lien/debt goes away.
If you file a chapter 7 bankruptcy and disclose a pending lawsuit on your chapter 7. If the debt has been discharged can the trustee come back after the money 2 years later?
We are assuming you mean that YOU had a pending lawsuit against someone? if so, then the answer is likely yes. Disclosing it the suit is correct. If it is a viable suit then the bankruptcy trustee steps in your shoes and sues on your behalf and any money recovered goes to the benefit of your estate (your creditors) What likely happened is that the trustee identified the suit as an asset. If so, an asset bankruptcy case will not close (even though you got your discharge) until that asset has been administered. Standard disclaimer here. If you had an attorney, call her. This is a tricky area and you need to be aware of your rights and the rules. If the trustee did not think it was a valuable asset and abandoned that asset, then you may be able to keep the money. This is a big if. Contact your attorney. And follow and requests that the trustee has provided you.
Which of these about bankruptcy is false A amount of debt is less than the income earned B after bankruptcy you can't get credit for 10 years C everything you own goes into bankruptcy D All of these?
ALL of these are false: A amount of debt is less than the income earned B after bankruptcy you can't get credit for 10 years C everything you own goes into bankruptcy
If judgment goes to bankruptcy will it be removed?
If a judgment goes in the bankruptcy, it can be removed. The person who the judgment was for, has the right to request that it still be paid. In most Chapter 7 situations, the judge will decide in favor of the debtor.
What is asset demand for money?
Asset demand for money is dependent on interest rates. The money slope goes down if interest rate goes down. In contrast, money slope goes up if interest rate goes up.
Does a person paying crimina restitution criminal to a company continue to pay if the company goes bankrupt and no longer exists?
You will still owe the restitution to SOMEONE. In any bankruptcy there is a receiver who handles the apportionment of debts and assets. Your restitution payment would be considered an asset to the bankrupt company and, unless the bankruptcy court discharged your debt, you would probably have to continue to pay the full amount due.
What nicknames does Maxwel Fisher go by?
Maxwel Fisher goes by The Asset.
What happens if your bank goes to bankruptcy and you owe money to them?
You still owe money.
If Chrysler goes bankrupt how will this affect your lease from Chrysler Leasing?
It is now out of bankruptcy,
What is the use of a corporate bankruptcy attorney?
The use of a corporate bankruptcy attorney is to assist in the legal proceeding of filing for bankruptcy for a corporation. An attorney is necessary to make sure the process goes smoothly and everything is taken care of.
Is it difficult to repair credit after a bankruptcy?
Yes, it is very very difficult to repair credit after a bankruptcy. Once an individual or a company goes to bankruptcy, then all of the belonging of them are taken by the bank & thus there is nothing left to repair with.
