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  • Filing for Bankruptcy? Know What Constitutes an Asset in Your Bankruptcy Case?

    Call: 888-297-6203

    Bankruptcy is designed to get rid of huge amounts of debt in order to get you a fresh financial start. However, this can be unfair to the creditors if they are unable to receive anything in return. Thus, in case of Chapter 7, your non-exempt property is liquidated, and the proceeds distributed among your creditors; while in case of Chapter 13 bankruptcy, a repayment plan is devised based on your disposable income. While filing for bankruptcy, you are expected to list all your assets in the bankruptcy petition. This allows the bankruptcy trustee to find out which of them is exempted and which must become a part of your bankruptcy estate. Those assets which cannot be exempted through either state or federal exemptions, become part of your bankruptcy estate and are liquidated to pay the creditors.

    Any asset must be listed accurately in your bankruptcy petition along with why it is exempted if you wish to keep that asset, say lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/. however, the major point of concern is what will constitute your assets and which of them can be exempted.

    An asset is something which can be sold to pay off your debts. Some of the assets which are usually looked over include:

    • your life insurance policies,
    • any policy where you are the beneficiary,
    • accumulated vacation pays,
    • season tickets,
    • timeshares,
    • unpaid insurance claims,
    • class-action suits,
    • security deposits,
    • liquor license,
    • divorce settlement,
    • trademarks,
    • tax refunds

    Sometimes, people forget that they have co-signed a loan. Since the asset is not in their name and the payments are not being made by them, it is quite common to forget about the loan. However, if the asset has any equity and you neglect to mention the loan, you can be in a bad situation. Once there is any equity in an asset you had co-signed for, it becomes your asset. The omission could be fatal if the equity is immense. In case there is no equity in the asset, it is not an issue. If what you owe on your vehicle/house is more than what it is worth, i.e. there is no equity in the property, then it is no longer an asset. You don’t need to use any exemption on said property in such case.

    There is a huge confusion as to what can constitute an asset or not and what equity in the property is exempted. A bankruptcy lawyer can help you distinguish between assets and liabilities. it is vital that you disclose all the above-mentioned assets as even an accidental omission of any can have grave consequences on your bankruptcy petition. You can consult with experienced bankruptcy attorneys at 888-297-6023 to discuss the situation at hand.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • 341 Hearing: What to Expect?

      341 Hearing: What to Expect?

      Call: 888-297-6203

      341 Hearing is a Meeting of Creditors that takes place around 30-45 days from your filing of bankruptcy papers. Irrespective of which chapter of bankruptcy you have filed under, you are expected to make an appearance in the 341 Hearing with your lawyer. The bankruptcy trustee puts you under oath and asks questions related to your bankruptcy petition as well as the documents you provided along with it. Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ confirm that many bankruptcy filers are worried about the implication of this 341 Hearing. They would like to be better prepared to face whatever is in store for them. To help concerned bankruptcy filers, here are a few questions that you can expect during the 341 Hearing:

      1. You will be asked your full legal name, your current and/or your mailing address once you have been sworn under oath by the trustee.
      2. You will be asked for a picture ID card and social security card for review.
      3. You will be asked about the bankruptcy petition, statements, schedules and other documents your attorney had prepared and you had signed.
      4. Whether you are aware of all the information mentioned by your attorney in the bankruptcy petition and if it is correct to the best of your knowledge and would you like to correct any mistakes or oversights in the same.
      5. Have all your assets and creditors listed in your bankruptcy petition?
      6. Have you previously ever filed for bankruptcy?
      7. Whether you are employed and if so, the address of your employer.
      8. Whether you provided the true copy of your latest tax return.
      9. Are you required to pay any child support or alimony and to whom?
      10. Whether you have read the Bankruptcy Information Sheet prepared by the U.S. Trustee?
      11. Do you have any real estate property?
      12. Does anyone else hold a property owned by you? if yes, then who and what property.
      13. Are you expecting to file any court action suit against any individual or business?
      14. Are you involved in any legal proceedings? If yes, provide details of the same.
      15. Did you make any transfer of property or gave away any in the last year?
      16. Do you own vehicles? Provide details of the same. is there any due remaining on them? are they insured?
      17. Are you expected to receive any property, cash or any other asset due to any proceeding (divorce, separation, etc.)?

      Though you might find these questions intimidating, they are quite simple and pertaining to the information you have supplied along with bankruptcy papers. Working this stuff with your attorney will give you the confidence of handling these questions like a pro. If you are contemplating bankruptcy, consult experienced bankruptcy attorneys at 888-297-6023. They will help you prepare for your 341 Hearing.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • Small Business Owners and Bankruptcy

        Call: 888-297-6203

        Filing for bankruptcy by an individual involves several aspects. When it comes to business’ filing for bankruptcy, things get much more complicated. Small business can be either sole proprietorship, limited liability companies (LLC) or corporations. As per Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/, when a sole proprietor of business files for personal bankruptcy, there isn’t much legal distinction available between the business and the owner. Any assets that a sole proprietor has are considered those of the owner and thus they end up becoming a part of the bankruptcy estate.

        However, if the business is an LLC or corporations, the two have a separate identity from the owner. This means that the debts of the owner are not the debts of the company and vice versa. Similarly, the assets of the business are not assets of the owner. But things are different when you file for bankruptcy. While filing for personal bankruptcy, the debts of an individual and the business are kept separate, but the assets of the business are considered assets of the owner. Safety of these assets depends on whether you choose to file for Chapter 7 bankruptcy or Chapter 13. If the business involves no assets, then there is no issue. However, if that is not the case, things get a bit complicated.

        When an LLC owner files for personal bankruptcy under Chapter 7 where liquidation of assets takes place, then any asset associated with your business can be sold off to pay your creditors. Despite exemptions being available, all assets become a part of the bankruptcy estate and those which cannot be exempted are liquidated. However, if the LLC is a multi-member LLC, taking any company asset becomes difficult for the bankruptcy trustee. Thus, your assets can be protected in Chapter 7 bankruptcy if your LLC is a multi-member one. Yet, the best way to protect assets is by filing for Chapter 13 bankruptcy.

        In chapter 13 bankruptcy, reorganization of debt takes place. You are expected to make payments over a period of 3-5 years to the bankruptcy trustee. This payment is calculated based on your disposable income. When you file for Chapter 13 bankruptcy, whatever type of small business you have (sole proprietorship, corporation, LLC or multi-member LLC) will remain unaffected by your personal bankruptcy. The only thing of concern will be the income generated through your business which will help in the calculation of your disposable income.

        If you are a small business owner, struggling with finances and contemplating bankruptcy, it is ideal that you consult with experienced bankruptcy lawyers regarding your case. If you haven’t contact one, you can speak with skilled attorneys at 888-297-6023.


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • What is Rule 2004 in Bankruptcy?

          Call: 888-297-6203

          According to Federal Rules of Bankruptcy Procedure Rule 2004, also known as the 2004 Examination is used by the bankruptcy trustee and is like a statement of warning. According to Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/, these are generally referred to as shipping expedition. This rule states that “[o]n motion of any party in interest, the court may order the examination of any entity” regarding “the acts, conduct, or property or…the liabilities and financial condition of the debtor, or to any matter which may affect the administration of the debtor’s estate, or to the debtor’s right to a discharge….” The rule offers limited objections to inadequately stated questions. The aim of rule 2004 is to find out undisclosed assets, question any dubious transactions in order to ascertain whether the debtor has committed any fraud or not.

          There are rarely any limitations to the types of questions that can be asked, and types of discovery used in Rule 2004. Since this is a fishing expedition, no question can be objected to, with the only exception that the question and the discovery request should be justifiable and legitimate. In a nutshell, anything and everything concerning the finances or property of the bankruptcy filer can be under scrutiny.

          When do 2004 Examination take place?

          Most bankruptcy cases do not require a 2004 Examination. These are included only if the bankruptcy trustee feels there is more to the debtor’s assets that have not been disclosed or the debtor is under-valuing their assets in order to protect them. Any transactions that were done prior to the bankruptcy filing, which the trustee feels are dubious can also be questioned in this case. Since this is not a regular practice, 2004 Examinations, if required take place after the 341 hearing (Meeting of Creditors).

          Though you cannot object to the line of questioning in a 2004 Examination, having an attorney can be a good idea as they can help you be prepared for not just the questioning but also about the bankruptcy process. To know more about bankruptcy proceedings, you can consult experienced bankruptcy attorneys by calling 888-297-6023.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • Is It Difficult to Get an Apartment on Rent After Bankruptcy?

            Is It Difficult to Get an Apartment on Rent After Bankruptcy?

            Call: 888-297-6203

            Starting life afresh after bankruptcy might be a bumpy road but nothing compared to what you probably had been enduring for a long time before choosing bankruptcy as your way out of the financial mess. Getting an apartment on rent might be slightly difficult though not impossible for someone who has just come out of bankruptcy. Though potential landlords might take into account the fact that you had previously filed for bankruptcy, Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ informs that there are other factors that are taken into consideration. These include:

            • Disposable income

            When you get a bankruptcy discharge, the debt to income ratio changes making more disposable income available for you. This is probably the reason why just after bankruptcy discharge you get many new offers for credit cards. Similarly, if potential landlords find there is substantial disposable income at hand, then bankruptcy won’t matter.

            • Previous rental history

            A good rental history can swing the vote in your favor despite you have filed for bankruptcy. If you always paid your rent on time and never broke your lease agreement previously then bankruptcy might be a deterrent for you.

            • Employment history

            Your current employment, whether temporary or permanent as well as your employment history, is considered by most landlords when it comes to letting an apartment for rent!

            • Reason for a bankruptcy filing

            Many times, unforeseen circumstances can lead to people accumulating huge amounts of debts. Divorce, sudden medical expenses, loss of a job, etc. can lead to huge amounts of debts with bankruptcy as the only way out. Telling prospective landlords, the reason for your financial distress might work in your favor, especially if you can assure them that bankruptcy won’t affect your ability to pay the rent.

            Your credit report provides an insight into the way you have been handling your finances after your bankruptcy filing. All details regarding your bankruptcy can be assessed through it. Since bankruptcy can play an important role in various aspects of your life, it is important to consider it seriously. Consulting an experienced bankruptcy attorney is advised for a bankruptcy discharge. You can call 888-297-6023 to discuss your case with the best bankruptcy lawyers.


              *Are you more than 60 days past due on your mortgage?

              *Do you own a home?

              Are you currently working?

              By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

            • Personal Injury Claims and Bankruptcy

              Call: 888-297-6203

              Complete disclosure is very important, especially when it comes to bankruptcy papers, say lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/. Thus, if you have any pending lawsuits or claims where you expect to get any award, you need to mention it in the bankruptcy papers. Not mentioning it may be interpreted as defrauding the bankruptcy court. Much emphasis is made on informing the court of any personal injury claims while filing for bankruptcy because any settlement or award you get as a result of that claim becomes a part of your bankruptcy estate. Anything you own including assets, property and claim awards which are non-exempt are part of the bankruptcy estate and are used to pay your unsecured creditors.

              An instance of a bankruptcy filing in Illinois became complicated because the debtor had filed for a Chapter 7 bankruptcy after they had injured themselves in a store. They didn’t mention that they would be suing the store for a personal injury claim initially but later amended their bankruptcy petition to include the possibility of a claim. 6 months after they got the bankruptcy discharge, they filed the personal injuries claim against the store.

              The store countered by filing a Motion for Summary Judgement arguing about full disclosure of the claim in the debtor’s bankruptcy petition, insinuating fraud on the debtor’s part. The debtor was able to successfully defend the motion. However, the Circuit Court did not see eye to eye with the defender regarding their conflicting position of regarding the claim in Bankruptcy and filing an injury suit in court. The debtor appealed again to overturn the courts’ ruling in favor of the store.

              The 2nd District Appellate Court of Illinois overturned the Circuit Court’s decision as there was no substantial evidence to support the theory that the debtor had deliberately tried to defraud the court with their bankruptcy petition. The intent of defrauding could not be established and unclarity of personal claim petition could have been an honest mistake. An honest mistake could at times cost you a lot. If you wish to get rid of your debts through bankruptcy, it is important that you remember all your debts and claims and file the required papers. A skilled bankruptcy lawyer can be the difference between successful bankruptcy discharge and the burden of debt. You can consult with experienced bankruptcy attorneys by calling 888-297-6023.


                *Are you more than 60 days past due on your mortgage?

                *Do you own a home?

                Are you currently working?

                By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

              • Can Your Spouse’s Bankruptcy Affect You?

                Call: 888-297-6203

                When you marry someone, a lot of things change. While building a life with someone, there are several things that people are concerned about, a credit score is probably not on the top of the list, but it makes the list. The concern is genuine as Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/ explains. Though after marriage, the credit history of the spouses does not merge, yet a bad credit score can affect their chances of getting a combined loan.

                Before coming to any conclusion, it is important that you understand that individual credit scores are not affected by marriage. However, as you start your new life your needs also change according to your lifestyle. You might think of buying a new car or a bigger house. All these expenses require you to take a new loan, which would in all probability be a joint one. If either of the partners has a bad credit score, the combined credit limit decreases. If your spouse had previously filed for bankruptcy, this could cause additional difficulty in getting a loan.

                There is no need to lose heart as everything is not lost. You can seek consultation from experienced bankruptcy attorneys by calling 888-297-6023. Qualified lawyers will explain that if you need a new debt you could always opt to be a co-signer instead of taking a joint mortgage/loan. Some banks allow the option of getting a mortgage with a co-signer for a year and later (if you have made regular timely payments on it) refinance it without a co-signer. Though this is a great way to get what you want, you need to make efforts to put your spouse’s credit back on track.

                This can be done by getting them a new credit card and using it in a sensible manner, i.e. making timely payments on them every month. Eventually, this not only improves your credit rating but also your credit limit. You can later opt for other cards too, however, choose those which have good interest rates and no annual fees. In case either of you is contemplating bankruptcy to get rid of overwhelming debts, it is important that you are well prepared for it. A consultation with bankruptcy attorneys can be a good way to do that.


                  *Are you more than 60 days past due on your mortgage?

                  *Do you own a home?

                  Are you currently working?

                  By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                • Is the Cancellation of Debt Reaffirmation Agreement Allowed in Bankruptcy?

                  Call: 888-297-6203

                  Filing for bankruptcy is the best way to get rid of your debts. Almost all your nonpriority unsecured debts can be discharged through bankruptcy. Once the debts are discharged, you have no obligation to pay them. Sometimes, people can opt for reaffirming their debts. This happens in case of secured debts. People have the option of either surrendering their property or keeping them by reaffirming their loan. The terms of reaffirmation are generally like the original agreement with the creditor. However, many time it so happens that after reaffirming a loan, you find it difficult to manage the payments. Instead of going under again after a bankruptcy discharge, a better option would be to surrender the vehicle and purchase a new one with lesser monthly dues. However, many debtors are worried whether this is allowed or not? According to lawyers of Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/, it is possible!

                  The U.S. Bankruptcy Code has specified when a client can annul a Reaffirmation Agreement (11 U.S. 524(c)(4). This can occur under these situations (either of which occurs later):

                  • Before receiving your bankruptcy discharge.
                  • Within 60 days of filing the Reaffirmation Agreement with the court.

                  If you qualify in either of these categories and wish to exercise your right of rescinding the agreement, you need to notify your creditor about it. it is advisable that you send it in writing through certified mail with a return receipt. Once you have the return receipt, you can file the notification of the same with the court.

                  The ability to cancel the Reaffirmation Agreement allows the debtor a way out once they realize that they won’t be able to successfully go through the reaffirmation plan if they wish to lead a normal life after bankruptcy. Inability to maintain payments as per the agreement can throw you back under debt with no relief through even bankruptcy for a specified time frame. A Reaffirmation Agreement should not be signed without considering its implications and impact on your life post-bankruptcy discharge. An efficient lawyer can help you understand what ramifications Reaffirmation Agreement can have and despite the provision of its rescindment, the process is not to be taken lightly. You can seek guidance from experienced bankruptcy attorneys by calling 888-297-6023.


                    *Are you more than 60 days past due on your mortgage?

                    *Do you own a home?

                    Are you currently working?

                    By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                  • Does Social Security Income Play a Part in the Chapter 7 Means Test?

                    Call: 888-297-6203

                    Means Test forms an important part of the Chapter 7 bankruptcy case says lawyers of Los Angeles based bankruptcy law firm https://www.staging.recoverylawgroup.com/. Your ability to pass the Means Test determines your ability to file for Chapter 7 bankruptcy. this test is based on your income and household size. For you to be able to pass this test, your median income should be less than the median income for a household of the same size in your state. The previous six-month income prior to a bankruptcy filing is taken into consideration.

                    Every state has a different limit. In case the median income is below the numbers specified for your household size, a “short-form means test” needs to be completed. If, however, your median income is above the median income, you have another option available. This test determines whether your income and expenses make you eligible for Means Test. Mortgage or car loan can lower monthly income so that you can probably qualify for Chapter 7 bankruptcy.

                    Which incomes are included in Means Test?

                    Considering that your average household income is important for you to pass the Means test, you should be aware of which incomes are included in this test. In Schedule, I, all types of incomes including your expected monthly income are listed. However, all of them are not included in the Means Test. The incomes which matter include:

                    • Income generated through regular employment, business, retirement, pension, etc. You should also include any child support or alimony income that you receive in Means Test.
                    • Disability income including Social Security Disability and Veteran Affairs Disability is not included for Means Test.

                    If your income becomes high enough (due to Social Security or VA benefits) to disqualify your Means Test, you can avoid including them and thus qualify for Chapter 7 bankruptcy. If you are thinking of getting rid of debts through Chapter 7 bankruptcy, qualifying the Means Test is a necessity. You should consult an experienced lawyer regarding whether you can qualify for Chapter 7 or not. Discuss your case with skilled bankruptcy attorneys at 888-297-6023.


                      *Are you more than 60 days past due on your mortgage?

                      *Do you own a home?

                      Are you currently working?

                      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

                    • Should You Sell Your Vehicle Prior to Bankruptcy Filing?

                      Call: 888-297-6203

                      If you have accumulated a huge amount of debt because of a long and continuous unemployment period, then bankruptcy could be an easy way out. However, if you are contemplating bankruptcy and you possess two vehicles, both of which are paid for; could you sell one of those and then file of Chapter 7 bankruptcy as per Dallas based bankruptcy law firm https://www.staging.recoverylawgroup.com/ lawyers, it depends on individual situations.

                      Since any transactions done prior to bankruptcy filing are scrutinized by the bankruptcy trustee, selling a vehicle prior to bankruptcy might be considered a pre-bankruptcy transfer, which may or may not be allowed. The primary consideration, in this case, is whether the property would have been exempted in bankruptcy. other factors worth considering are the price you got for the vehicle as well as what was done with that money.

                      In case the property was exempt, any transfer or selling of property before filing for bankruptcy would not be a problem, but it can certainly cause a delay in the bankruptcy process. The trustee needs to be sure that you got the fair market price of the asset which was an exempted property. a bankruptcy attorney can help you determine which of your properties are exempted and up to what amount. You can consult with experienced bankruptcy attorneys regarding your case by calling 888-297-6023.

                      If the property is not exempted and you wish to file for bankruptcy, you need to exercise some caution. Consulting with an attorney prior to making any pre-bankruptcy transfer is essential. Bankruptcy trustees, comb through every financial transaction in detail, especially ones that took place just before the bankruptcy filing. In case you didn’t get a fair market value of the asset, the trustee might undo the transfer and add the fair market value to the bankruptcy estate. Generally, any transfers done between 2-5 years are considered.

                      Your intent regarding the selling of an asset or any transfer is also of consideration to the trustee. This can be assessed by knowing the new owner of the concerned property, whether you tried hiding the transfer and your financial situation around the concerned duration. If you used the money gained from the selling of non-exempt asset for paying down mortgage or for home improvements can be problematic. No issues are made if the amount was used for regular mortgage payments or maintenance and repairs in your home. Consulting with a bankruptcy attorney before making any financial decision is important.


                        *Are you more than 60 days past due on your mortgage?

                        *Do you own a home?

                        Are you currently working?

                        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.