0
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!!!
What else can I help you with?
In the event of firm dissolution the first claims on its assets belongs to?
In the event of firm dissolution, the first claims on its assets belong to secured creditors. These are lenders or creditors who hold collateral against their loans, ensuring they are paid first. Following secured creditors, the order of claims typically proceeds to unsecured creditors, and finally, any remaining assets are distributed to the owners or shareholders of the firm.
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.
Are assets claims of creditors?
No, assets are not claims of creditors; rather, assets are resources owned by an individual or entity that have economic value. Creditors hold claims against those assets in the form of debts or obligations owed to them. When a debtor defaults, creditors may seek to recover their claims by accessing the debtor's assets, but the assets themselves belong to the debtor until such actions are taken.
If your assets are over ten thousand dollars can you declare bankruptcy?
hide the assets then file.
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.
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.
Are assets in a 401k protected if you file bankruptcy?
Yes.
What is a charge over assets?
A charge over assets is a legal interest granted by a borrower to a lender as security for a loan or obligation. It allows the lender to claim specific assets of the borrower if they default on the loan. This can include tangible assets like property or equipment, or intangible assets like receivables. The charge ensures that the lender has a priority claim over the specified assets in the event of liquidation or bankruptcy.
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.
