Disclosure of Inheritance After Bankruptcy Filing
If a debtor inherits asset after bankruptcy filing, must debtor report the inheritance to the bankruptcy court? If debtor files a Chapter 7 Bankruptcy, debtor must report the inheritance to the bankruptcy court if someone dies within 180 days after the filing of the bankruptcy petition. If debtor files a Chapter 13 Bankruptcy, debtor must report the […]
If I File Bankruptcy Without My Spouse, Can Our Creditors Collect From the Non-Filing Spouse?
If I file Bankruptcy without my spouse, can our creditors collect from the non-filing spouse? When only one spouse filed for bankruptcy, the bankruptcy discharge will discharge both the filing spouse and the marital community properties. Community properties are generally property acquired during the time of marriage. Of course, there are always exceptions to the […]
Can I Keep My House If I File Bankruptcy?
Can I keep my house if I file Bankruptcy? If you file Chapter 7 Bankruptcy, your Chapter 7 Bankruptcy Trustee will not liquidate your house if there is no net value after the claimed exemption pursuant to the California exemption statutes, amount encumbered by your secured lender, recorded property taxes owed, recorded unavoidable judgment liens, […]
Should I Sell or Transfer My Properties Before I File Bankruptcy?
Should I sell or transfer my properties before I file bankruptcy? Generally, you should not dispose of assets in contemplation of bankruptcy. Such transfer of assets can result in avoidable transfer by the bankruptcy trustee. Even worst, such transfer might be classified a “fraudulent transfer” where the bankruptcy trustee can sue the recipient to recover […]
Can I Sell or Encumber My Properties Once I File Bankruptcy?
Can I Sell or encumber my properties once I file Bankruptcy? If you filed a Chapter 7 Bankruptcy, the Chapter 7 Bankruptcy Trustee becomes the owner of your properties. However, the Chapter 7 Bankruptcy Trustee is unlikely to liquidate your assets, especially if you retained a Sacramento Bankruptcy Attorney, when you claimed your assets exempted […]
Can I Continue Using My Bank Account Once I File Bankruptcy?
Can I continue using my bank account once I filed for bankruptcy? In a Chapter 7 Bankruptcy, the Chapter 7 Trustee becomes the owner of all debtor’s assets upon Bankruptcy filing. However, in most cases, especially if you retained a Bankruptcy Attorney, the funds in the bank account are claimed exempt pursuant to California exemption […]
Do I have to Disclose All Assets in Bankruptcy regardless of Location?
Do I have to list an asset that I own in another state or foreign country in my Bankruptcy case? Yes. All property, real and personal, must be disclosed in the bankruptcy schedules, regardless of whether located in Sacramento, California or elsewhere. However, the cost effectiveness of liquidation decreases for the Chapter 7 Trustee if […]