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It depends on what assets you are talking about. Should you declare things like your house and car in your bankruptcy the bank or financier would have a claim to them first before anyone else.
EXAMPLE: I declare my 2008 Chevy Trailblazer in bankruptcy - GMAC holds the loan and title to the car so they would come and repossess it. Declare your home in bankruptcy and whatever bank has your mortgage will, eventually, foreclose and kick you out and take possession of the house and property.
If you're talking about your personal assets ... it really depends if they're worth anything. When you file for bankruptcy the trustee handling your case will determine what assets you have and if they are worth liquidating to get money to give to your creditors.
If you're worried about the computer you bought last year they won't want it ... don't forget ... you have to take into consideration that whatever they MIGHT take from you is used and therefore has depreciated in value.
On the other hand if you tell them you have a $10,000 home theater set-up or a 2ct. diamond ring, stocks, bonds, gold ... things of that nature may have to be liquidated but I'd say probably not.
I'd STRONGLY recommend hiring an attorney to handle your bankruptcy case ... there is too much paperwork that needs to be done ... it's worth the cost, plus they can advise you on different situations you may encounter!
Hope this info helps!!!
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∙ 15y ago
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What bankruptcy information should you know before you consider filing for bankruptcy?
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.
What is a springing lien?
Jurisdiction: USA Legal claims against assets that comes into being upon the occurance of a future event
Would our judgment awarded by courts prior to defendants chapter 13 bankruptcy take precedent to the assets before the assets are taken in the bankruptcy?
No.
Are employees unsecured priority claims in Bankruptcy Court?
Unpaid employees are priority unsecured bankruptcy claims up to approximately 10,000.
If your assets are over ten thousand dollars can you declare bankruptcy?
hide the assets then file.
What is the main goal of the limited company?
to protect the owners from unlimited liability in the event the company has more debts than assets. The limited company protects the share owners from any claims on their personal assets or income.
Can you file bankruptcy on a small claims case?
Yes. If you include it with all other debts and all of your assets. You can't pick and choose. go to www.nolo.com for answers and reading...I used it and it's the best.
Are assets in a 401k protected if you file bankruptcy?
Yes.
If the last day to file claim has been set in a chapter 7 bankruptcy how long will it be till you receive your discharge after claim date?
Claims are not filed in no-asset c. 7 cases. If there are assets, there will be a notice to creditors that assets may be available for distribution (called a "dividend"). Your discharge will be received about 2 months after your 341 meeting. The assets are the property of the estate, managed by the trustee, so your discharge does not depend on any claims.
Can assets be protected from a personal injury judgment by filing bankruptcy?
Yes. Consult a knowledgeable bankruptcy attorney.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Can you buy a house if you have filed for bankruptcy?
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.
