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No. All information that is submitted in bankruptcy is presumed given under oath. There are specific documents that must be presented, but the trustee does not verify records unless there are mitigating circumstances. Any fraudulent information or attempt to conceal assets will be treated as a criminal offense. And that is "the truth, the absolute truth and nothing but the truth".
What else can I help you with?
Can you cancel your insurance if your car is in bankruptcy?
Absolutely not! If you are still using the vehicle, it must be insured. However, the insurance payment would not be covered by the bankruptcy.
I'm divorced but filing joint bankruptcy with my ex My parents bought me a car it is in my name and paid for. Is it exempt from the bankruptcy?
Ontario law allows a bankrupt to claim an exemption on a vehicle valued at $5650 or less. If the current value is greater then the vehicle vests in the trustee and the bankrupt or a family member can repurchase the trustee's interest. The exemption threshold differs in each jurisdiction but as the vehicle is unencumbered and in in your name it is your asset regardless of who paid for it.
What happens to a vehicle when the title is held by two persons who are not married and one person files bankruptcy?
Vehicles are considered secured property and the debt is not dischargeable in bankruptcy action. The situation cited would not place the vehicle in jeopardy depending upon the way the vehicle title is worded and the exemption status. In such a case it is highly unlikely the bankruptcy trustee would order the vehicle sold. That being the case any decision concerning the vehicle would belong to the lender not the bankruptcy court.
Clear title on a vehicle that has a bankruptcy against it in California?
Bankruptcy affects debts and creditors, not vehicles. A debtor owning a vehicle exempts it or the equity in it if there is a car loan. The debt is reaffirmed. This is all part of the public bankruptcy record. If the vehicle is not exempted, the trustee takes and sells it as part of the bankrupt "estate." If there is a chapter 13, and the debtor wants to sell the vehicle, s/he will have to get the court's permission. Either the trustee or the debtor would ask the court to sell free and clear of all liens. There are a number of potential problems if you are the buyer or the bankrupt seller, so get a lawyer.
Can a car that is included in a bankruptcy be sold to a junkyard for parts?
Until the case is over, you shouldn't do anything with the car without permission from the court. If you owe money on the vehicle, you have a duty to maintain insurance and make the car payments. If the trustee abandons the car back to you, you can do whatever you want with the vehicle subject to any rights the lender might have.
If you are making chapter 13 payments which include a car payment and the vehicle has mechanical failure can you trade it in on another vehicle if the bankruptcy trustee approves?
Yes, if the trustee approves the transaction, (and of course, can find a lender). Necessary financial matters are generally approved by the court, for example if the petitioner needs the vehicle for transportation to their place of employment.
After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
Is there anyway to purchase a new home while still in chapter 13 bankruptcy?
When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.
What will happen to your bankruptcy after your car which was the only thing you were paying in your Ch 13 was totaled and paid off by insurance.?
This can be a complicated issue. You should speak with an attorney in your area. If the vehicle was completely paid off by the insurance, then you may still owe fees to the Trustee or previous attorney. The dollar amount you pay for the loan and the dollar amount you pay to complete a chapter 13 are not the same.
How long after filing chapter 7 can you sell your vehicle?
The debtor cannot sell nor transfer any property without the permission of the bankruptcy trustee or until the BK has been discharged and closed.
What are Salvage Records?
Salvage records are official documents that provide detailed information about a vehicle that has been declared a total loss by an insurance company due to extensive damage, typically from an accident, flood, or other catastrophic events. These records indicate that the vehicle has been repaired and is now roadworthy, but they also carry a history of the vehicle's significant damage. Salvage records are important for potential buyers, as they can affect the vehicle's resale value and insurance rates. Additionally, they help ensure transparency in the vehicle's history for safety and legal compliance.
How long do you have to wait after a bankruptcy discharge to inherit land?
The way this question is worded implies you want to manipulate the inheritance to avoid including it in your bankruptcy. If you become an heir to land or any property (cash, motor vehicle, etc.) prior to filing or while you are in bankruptcy, or within 180 days after discharge, you must disclose the inheritance to the trustee and the court, even if you have not actually received the property. There is no "waiting."
