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At the moment the court receives the petition, and gives it a docket number, all the debtor(s)' assets are "frozen" as they become property of the bankruptcy estate, administered by the trustee. In a Chapter 7, if the trustee files a finding of no assets, which mean the trustee accepts all exemptions claimed by the debtor(s) and there are no assets to be sold to satisfy the creditors, the property is available once more to the debtor.
In a chapter 13, the freeze continues until the plan is approved except for regularly occurring payments for utilities, food, etc.
In both cases, if the case is dismissed, the property is also unfrozen.
What else can I help you with?
Can you sell assets before declaring bankruptcy?
yes this is usually what is done, as this is how the business may pay off some debts.
Can a creditor put a hold on your savings account after you claim bankruptcy?
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.
If you are refinancing and your spouse is the only one on the loan but you are on the title will that be a problem since you are in a chapter 13 and your spouse is not?
Yes You can not refinance without a court order if the bankruptcy is still open on you.You own the house with your wife and all Your meaning just you assets are frozen until the bankruptcy closes and part of your assets are your part ownership in the house.
What will happen to my 401k when filing bankruptcy?
These assets should not be effected at all.
Can someone put an old debt back on your credit report after your bankruptcy has been filed?
The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.
Can you sell personal property when filing bankruptcy?
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.
In a bankruptcy preceding how does the court verify all assets?
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.
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
How can money be kept when filing bankruptcy?
It can't be kept. All assets must be declared, even cash. Anything left out can be treated as bankruptcy fraud.
Can a house be added to a bankruptcy after 9 months into the bankruptcy?
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.
Do you need to include all credit cards when filing a chapter 7 bankruptcy?
Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer should contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.
Can the bank seize assets in the bank during a bankruptcy?
If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to freeze all accounts/assets. A bank cannot arbitraily seize account funds unless the depositer has a loan with the bank which includes a set off provision. Even then the bankruptcy trustee can request the funds be returned and included as assets in the bankruptcy.
