0
How do you price belongings after a bankruptcy filing and how are things taken verified?
Wiki User
∙ 19y ago
All possessions should be valued at 'yard/garage sale' prices. When filing bankruptcy schedules all the information they contain is presumed to be given under oath. If any information is found to be false or misleading, the person(s) can be charged with perjury, contempt of court and a few other very unpleasant things.
Wiki User
∙ 19y ago
Add your answer:
Earn +20 pts
The sheriff has scheduled my home for a sale. Will filing bankruptcy chapter 7 stop this process?
generally filing for bankruptcy puts a stay on the collection of debts, including a foreclosure. get in touch with a bankruptcy atty asap, because there are things you are required to do before filing.
Can you cosign for a car if you are filing for bankruptcy in the future?
If you are filing for bankruptcy, and you try to cosign -- two things can happen. 1. the lender will turn you down. 2. If the court finds out you have applied for credit the bankruptcy can be stopped. If you mean that the car and loan will be for you during or after the bankruptcy, this still has to be disclosed and again the bankruptcy can be stopped.
Does getting divorced change filing bankruptcy?
No, your relationship status does not affect your bankruptcy proceedings but if you filed as a couple (as opposed to one individual to the marriage filing) things can get complicated when it comes to debts, etc.
What happens if you receive a pay rise after bankruptcy?
If you receive a pay raise after filing for bankruptcy, it will not change things. In fact, the pay raise will end up being surrendered.
Can gold bars be taken in bankruptcy?
Any assets you have are potentially forfeit if you file for bankruptcy. There is no way to 'lock away' part of your estate above and beyond the things the law allows you to keep - such a practice would defeat the object of filing bankruptcy in the first place.
Should a friend pay homeowners insurance after filing bankruptcy?
Of course...and by your asking...you either need an attorney or need to have the one your using explain exactly what your doing. Bankruptcy doesn't change your obligation to maintain, care for, and ability to lose things you own...just as before it. You probably still own your home, why wouldn't you want to insure it and its contents and all the other things HO Ins covers? And of course, as part of your filing and the court agreeing to protect you from creditors (your insurance company is not a creditor on bills for after the BK filing), you swore to the court you would do all the things needed to protect and maintain all your assets. And of course....the insurance I presume is protection for some period after your filing.....and your bankruptcy is protection ONLY for things from before it. Everything after the filing is YOUR personal and basically unavoidable repsonsibility...and risk of loss.
Can someone transfer a house into your name while filing chapter 13 bankruptcy?
You should check with a Lawyer concerning transfer of property and Chapter 13 bankruptcy. Some things are legal and some things could bring a conviction of fraud and prison time. Sometimes there is an extremely thin line between the two! I assume that whoever is filing Chapter 13 has a lawyer. That would be the person to check with.
If you are in bankruptcy and its making things harder than before, are there any options available to me?
Depending on the type of bankruptcy you are in, you can drop out of it, often just by not making the required payments. Please note though that the bankruptcy will still appear on your credit reports for 10 years and you may have a hard time filing again, if you need to.
Can you buy an automobile just prior to filing bankruptcy and not have it included in the bankruptcy or will it be include also?
Everything...that is all debts and all assets are included. Different priorities are given to each (some, few, things are classifed exempt)...and one is used to satisfy the other.
The Importance of Hiring a Bankruptcy Attorneys?
In today’s sluggish economy, more people than ever are finding it necessary to file for bankruptcy protection. No one plans on ever filing for bankruptcy, but things happen and filing for bankruptcy may be the only way to escape and start over again. In addition to giving you a fresh financial start, filing for bankruptcy can also end the harassing phone calls, reduce your debt obligations considerably, and may prevent banks from foreclosing on your home. If you are considering filing for bankruptcy, it’s critical that you seek the wisdom and expertise of experienced bankruptcy attorneys. Bankruptcy laws are complex and vary from state to state. Only experienced bankruptcy lawyers can help you to understand the law and what documents need to be filed in court. By hiring qualified bankruptcy lawyers, you can help to ensure that your rights and interests are being protected. If you are thinking about filing for bankruptcy on your own, do not do it. Even though you are strapped for cash, you need to retain bankruptcy lawyers to work on your case. Although you can file for bankruptcy on your own, doing so may be detrimental to your already tenuous financial situation and may make matters worse in the future. Filing the proper paperwork and documents with the bankruptcy court is a tedious process and a serious matter that requires the help of an expert. Only bankruptcy lawyers can help to explain all the subtle nuances of the law and how they will apply to your case. For example, bankruptcy lawyers can explain to you how a particular filing will affect your credit score and what assets may be eligible for exemption should you have to file for chapter 7 bankruptcy and your assets get liquidated. In addition to getting advice from bankruptcy lawyers about your case, it’s also very important to have legal representation at your bankruptcy hearing. The government will have agents of the court called bankruptcy trustees on their side to watch out for their interests. Likewise, you should have representation from bankruptcy attorneys to watch out for yours. Bankruptcy proceedings are usually short due to most of the work being done before hand. Although the hearings are short, they are deceptive in that they are quite complex and can have serious effects on your life for the foreseeable future. Only by hiring qualified and experienced bankruptcy lawyers to handle your case can you make sure that you make the right decisions and come out as unscathed as possible from your bankruptcy hearing.
How easy is bankruptcy?
Bankruptcy is not easy. You must first make some big decisions-such as which Chapter to file under and what to include-and then there is a ton of paperwork and many, many different steps. Life after bankruptcy is also not easy. There are a great many things you will need to do in order to recover from bankruptcy.
Can anyone file bankruptcy?
No. All information given when filing bankruptcy is presumed to be presented under oath. In other words, the filer must prove they are who they claim and that all the info. is true to the best of their knowledge. A bankruptcy petition can be issued by any of your unsecured creditors if they are owed more than £750.
