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If your assets are over ten thousand dollars can you declare bankruptcy?

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Wiki User
2005-09-13 23:33:36
2005-09-13 23:33:36

hide the assets then file.

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Yes. If you declare bankruptcy you must declare all cards, loans, assets and debts.

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All assets whether paid for or not must be listed.

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No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.

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In a typical bankruptcy you are allowed to declare certain assets to be excempt from the bankruptcy. Typically you will be allowed to keep your house (though you may be forced to downsize), a car (again,you may be force you to downsize), and up to a certain limit of other assetts that can be declared except. The details for exemptions can be given to you by <a href="http://www.bolinskelaw.com/">Minneapolis bankruptcy attorneys</a>.

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On December 19 2012, THQ declared bankruptcy. THQ sold its assets to Sega, Ubisoft, Take2, Coach Media and Crytek. THQ continues publishing duties at PC Gamer

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You either have to work out something with the credit companies or declare bankruptcy. The bankruptcy process will liquidate all of your goods and assets, with exceptions for minimal housing and vehicles, and allow you to start over. You will have to consult a bankruptcy attorney.

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Anchor Blue declared bankruptcy because it had more debt than assets and did not believe it could pay its creditors. The company had been loosing sales to its competition, which included American Eagle.

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Bankruptcy is of an individual or a corporation, or entity that includes all the assets and liabilities. Mortgage is part of all the liabilities against the filer. What can be removed and what can stay depends upon the kind of bankruptcy it is- ch 7, ch 11, or ch 13. Best bet contact a good bankruptcy Attorney.

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Go to your applicable bankruptcy court's website, go to the forms section and download Schedules A and B. That's where you list all your assets. You don't get to pick and choose.

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No, unless he or she committed fraud in some way. Simply declare bankruptcy, the court will decide how your remaining assets will be used to pay creditors and which you keep. After declaring bankruptcy you cannot do it again for a certain number of years.

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The bankruptcy court will deal with ALL your assets.

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Usually they cannot take your home or one automobile. See if you can get some help from a non-profit credit assistance group so you don't have to declare bankruptcy. Check with the court house or through local churches for information or an attorney. Your assets in bankruptcy is depedant on which country you reside in. Most commonly your home will be sold to meet creditor debts and you will lose control of your finances.

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If you are unable to pay debts, depending on how much money is involved, you may have to declare bankruptcy or liquidate your assets to pay off debts

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Yes. Many personal assets are protected in a bankruptcy.

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In principle, yes, but it depends on the equity in your home and how much of it you can exempt, as well as the non-exempt equity in all other assets and how much debt, income and expenses you have.

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Can you protect your assets from bankruptcy by placing them in an irrevocable trust?

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YEs U Should Becuase When U Declare Wateva U Own And Who Ever U Owe There Gonna Take It Because They Want There MoneyAnother View: If you owned the car in our own name prior to your bankruptcy, it will be seen as a sham to shelter your assets from your creditors, and it will not make a difference.

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You could file bankruptcy, but do you have any assets that a creditor could come after? Your disability payments are exempt from garnishment. The filing fee for a chapter 7 bankruptcy is $209 and the attorney's fees will be $500 at a bare minimum. Bankruptcy is very difficult to do all by yourself.

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If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.

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When you complete your bankruptcy schedules you are swearing, under oath, that everything in them is true and accurate. The Trustee does have the ability to hire an appraiser to value your assets. If the Trustee suspsects you're hiding assets, they can hire investigators to verify, but most of the time this does not happen. Hiding assets is bankruptcy fraud and could land you in jail and fined if you're caught at it.

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No, all your assets...and all your debts and obligations..are under the controll of the Court..as you asked!

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Bankruptcy is filed in "Federal Court". It doesn't make any difference where your assets are. The only time you can hold out is if your assets are outside the U.S. and the bankruptcy court doesn't know about them.

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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.

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These assets should not be effected at all.


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