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 […]
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 […]
Do I get to keep all my assets through Bankruptcy?
The answer depends on which Bankruptcy you file. If you file under Chapter 7 Bankruptcy, you will lose your assets that is not protected under the California Exemptions. If you file under Chapter 13 Bankruptcy, you can keep assets that are not protected under the California Exemption by paying your unsecured creditors through a payment plan for […]