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Next to your budget (see this post), knowing the value of your assets is an important key to bankruptcy success. At first glance, this admonition may seem obvious, but most people really don’t know the value of their stuff and tend to overestimate. The problem with overestimating is that what you can keep [...]
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My wife and I have filed chapter 7 bankruptcy proceedings. How will this action affect our assets such as automobiles, housing, etc. What assets are exempt, or put another way, what, other than debt, can we expect loose.
Answer:
Not to be flippant, but don’t you think you should have figured that out, i.e. [...]
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I bought a franchise in 2009. I’ve been getting by, but only by borrowing money to keep the business afloat. I believe I’ve gotten myself in over my head. I’ve used personal credit cards for business expenses and I don’t want to borrow any additional funds. I’d like to get out [...]
Continue Reading →As a general rule, tax refunds are non-exempt assets, for which turnover to the trustee is required in bankruptcy (with some exceptions for certain tax credits). In your case: 1) If you did not have a job prior to bankruptcy; 2) You filed your bankruptcy; 3) You then obtained employment after filing; and 4) It [...]
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I own a vacation property, not a timeshare; if I file chapter 7 bankruptcy, will I be able to keep that vacation property?
Answer:
For such a generally worded question, my answer will be, generally no. There are two issues related to vacation properties and bankruptcy, (1) equity, and (2) expense. As an asset, [...]
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If I place the bulk of my assets into a revocable trust, then file personal bankruptcy later on, are the assets protected from liquidation by the bankruptcy court?
Answer:
Hmmmmm, how many ways can I say no: No, Nada, Negative, Nee, Indi, Nein, Non, Ei, Ochi, Nei, Aniyo, Bu Dui, Bu Shi, Na, [...]
Continue Reading →Pre Bankruptcy Planning is the number one reason to hire an attorney. A potential client may have assets that would be at risk in bankruptcy or taken some actions prior to filing bankruptcy that could create complications (or worse) if bankruptcy was filed without a proper strategy for dealing with those challenges.
Bankruptcy is NOT a 10 year death sentence to your credit. MOST PEOPLES’ CREDIT SCORE WILL BE IN THE LOW 700’S WITHIN 18-24 MONTHS AFTER BANKRUPTCY. Most people lose nothing in a chapter 7 bankruptcy (except the debt, of course).
Credit rebuilding after bankruptcy occurs fairly quickly and you will have access [...]
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For additional information on this topic, see these articles.
Will the Bankruptcy Trustee Take My Tax Refund?
Tax Refunds And Bankruptcy, What Can You Do With A Tax Refund?
What Happens To Tax Refunds In [...]
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We are considering filing Chapter 7 Bankruptcy due to husband being disabled and lots of medical and credit card debt. We owe approximately $30,000 in unsecured debt. We satisfy the means test to qualify for Chapter 7 Bankruptcy. Personal property and secured property should not be an issue. However, we own a 1/3 interest [...]
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