Dec
20
bankruptcy and assets question?
Filed Under Personal Bankruptcy
clayjoe asked:
We may have to file bankruptcy b/c my hubby’s building business is not doing well these days…if we file personal bankruptcy will they look at and take all assets to pay off debt under chapter 13? My problem is that my parents put their paid for house in my name and my 2 brothers names about 5 years ago because they are in their 70’s…they have also put money in my name although we still give them the interest checks on it. They did this to avoid a potential nursing home someday getting their assets…..anyway, if we file bankruptcy will they go after these assets? If so, what will they do? Can I take these assets out of my name and then file bankruptcy? If so, will they still be able to tell they were recently in my name? Do I need to wait a certain period after removing these assets from my name before filing? We would really like to keep our house and cars but the credit card bills are really hurting us.
What Is Chapter 7 Bankruptcy?
We may have to file bankruptcy b/c my hubby’s building business is not doing well these days…if we file personal bankruptcy will they look at and take all assets to pay off debt under chapter 13? My problem is that my parents put their paid for house in my name and my 2 brothers names about 5 years ago because they are in their 70’s…they have also put money in my name although we still give them the interest checks on it. They did this to avoid a potential nursing home someday getting their assets…..anyway, if we file bankruptcy will they go after these assets? If so, what will they do? Can I take these assets out of my name and then file bankruptcy? If so, will they still be able to tell they were recently in my name? Do I need to wait a certain period after removing these assets from my name before filing? We would really like to keep our house and cars but the credit card bills are really hurting us.
What Is Chapter 7 Bankruptcy?
Comments
5 Responses to “bankruptcy and assets question?”
[chapter 7 bankruptcy]http://rexkaufman6721.blog.com/2009/05/08/does-chapter-7-bankruptcy-differ-from-chpater-13/
no you get to keep most of your assets in 13, its 7 that you loose it all! You need to pull up the Bankruptcy laws in your state! Good luck you will get through it, we did, it was because of the business also, get a GOOD attorney though!
[Filing For Bankruptcy]http://yeetoe.blogsome.com/2009/04/27/before-filing-bankruptcy-think/
I’m very sorry to hear about your situation. This is happening to people all over the United States as the economy is falling apart.
You need to find a good bankruptcy attorney. This is what you need to do immediately.
If it is possible, you want to file for Chapter 7. In Chapt. 7 all of your debts are discharged. (Certain debts, such as for child support, taxes, criminal fines and student loans cannot be discharged in bankruptcy.)
The court can, at it’s discretion, take your assets to satisy debts.
During the bankruptcy process you will be asked about any property transferred that you made in the last two years. You will have to be completely honest with the court about these property transferred. There are people in jail for bankruptcy fraud. It’s just not worth it.
Good luck.
Does Chapter 7 Differ From Chapter 13?
You should discuss this with an attorney that specializes in bankruptcy. Since the bankruptcy laws were changed, there are a number of requirements you must meet, including financial counseling and you need an attorney to do the filing and they can be costly.
[chapter 7 bankruptcy info]http://rexkaufman6721.livejournal.com/2220.html
You need to see attorney. Last time I checked, if you transfer ownership of assets, like the bank account, withing 6 months of the bankruptcy, then the money is included in the bankruptcy.
The lenders usually want to work out repayment plan, even if it is at a reduced rate. They end up netting more.
http://www.zimbio.com/chapter13bankruptcynow35/articles/4/Chapter+7+Discharge+Bankruptcy
go to google.com and type in legalhelpers.. This website will help with many questions…. You need to have something out of your name 1-2 years before filing… A good attorney can advise you and good luck