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What is the best way to get rid of your assets and file for bankruptcy if you are being sued?

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Wiki User
2006-01-23 13:19:59
2006-01-23 13:19:59

Don't do that. It's called fraud.

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To file for bankruptcy in South Africa you will have to fill out and file a debt information form and request a valuation of your assets.

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No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.No. You cannot file bankruptcy as the executor of an estate. If there are not enough assets to pay the debts of the decedent the executor can file a petition to have the estate declared insolvent. You should consult with the attorney who is handling the estate or an advocate at the court.

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If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.

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Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.

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When you file bankruptcy, you must include ALL assets that you own. You can't pick and choose. This is considered fraud upon the court. So, absolutely not.

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No, if the debtor is judgment proof (i.e. there are no assets/income for the creditor to take) then there would be no need to file a BK.

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No. You must include all assets and all debts in your filing.

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When you file for bankruptcy, all your assets are revealed to the trustee and basically frozen. No, a creditor probably won't put a hold on your savings account after you file but they can until your bankruptcy is discharged. Usually a letter from your attorney saying you have filed bankruptcy will stop this action.


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