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We are in the process of loosing our business in Florida with an sba loan. The collateral is our home and business equipment. If we file bankruptcy on the sba would it effect our other business in Tennessee.
All assets must be listed and disclosed in a bankruptcy case. The consequences to your Tennessee business could greatly vary. You should consult an attorney to discuss issues in a possible Chapter 7, 11 or 13. The starting point analysis is clearly there will be an impact on the Tennessee business if you file bankruptcy.See question
Basically I had a business that just suffered and I stayed at the dance too long and racked up credit card debt. I reached the point I need to file chapter 7 bankrutpcy. The thing is 75% of my debt is with the bank I have been with for 20 years. C...
Yes, you can switch banks. Y:our current bank might have a right of set-off against the funds in your bank account. As to any retirement account, any transfer should be a direct rollover so you do not mix the funds-don't commingle. (I have heard the suggestion that this transfer could be viewed as a fraudulent transfer to avoid your bank creditor. However, I have never seen this argument actually raised in court) You are correct that full disclosure is essential.See question
Can a bankruptcy filed the day before a divorce hearing by one of the parties stop the divorce proceedings?
That is a complicated question. There would not be a stay on a divorce itself. But property issues are more complex because assets could be subject to the bankruptcy so the stay could apply.See question
Does a Trustee during a Ch.7 341 Meeting request to see bank statements? If so, do they want to see the statements up until the date you filed the petition or up until the date of the meeting? Thanks!
Bankruptcy trustees will always want to see your bank statements through the date of filing your bankruptcy petition. The number of bank statements for the months prior to filing the bankruptcy petition will vary per trustee. The trustee usually will not ask for additional statements for after the date of filing the case. Newly acquired assets are not part of your bankruptcy assets, but new deposits might raise an area of inquiry as to the source of the funds. Generally the trustee will want to see the bank statements in advance of the 341 meeting.See question
After being denied an emergency payment from GCCF in Nov. of 2010, I couldn't pay my bills and I filed for bankruptcy in Jan of 2011. It was discharged in April 2011. June of 2012 I apply in the DWH economics settlement. May of 2016 I get a settle...
Any possible asset at the time of filing the bankruptcy should have been listed in your bankruptcy petition. A major question would be whether you listed your claim when you filed bankruptcy. If you did, and the trustee did not preserve his rights to asset the claim, you would be in a better position now to object to the trustee claiming any interest in the property. If you had not listed the claim, under a doctrine called judicial estoppel you would have a major problem trying to keep these funds. You should retain an attorney to review the many issues involved with your case.See question
On December 6th, 2016, I had my 341 meeting in the state of Florida, which is where I live currently. I was told by the attorney presiding on the case, and the trustee that I would be receiving my discharge letter in the mail 60 days, after the 34...
Creditors and the trustee have 60 days after the meeting of creditors to object to your discharge, unless an extension is requested and granted. After the 60 days and if no objection was filed, the clerk of court will proceed to issue the discharge and mail it to you. The time period after the 60 days just depends on the time for the clerk of court to take care of filing the discharge. The time period is generally a short time but can vary.See question
I've paid 80% of the fees in 3 out of the 4 months requested. I followed up on the case and was told remaining money must be paid prior to file. This was never stated or written in contract
Bankruptcy attorneys in chapter 7 will typically require full payment prior to filing the case. Otherwise, the attorney just becomes a creditor. In some parts of the country I believe attorneys in chapter 7 are not even permitted to recover the pre-bankruptcy fees after the case is filed.See question
I'm currently in a chapter 13. The meeting of my creditors is in about 3 weeks. Meanwhile, my closet flooded and damaged a great portion of my clothes. I have renters insurance and filed a claim. Am I required to report this to the trustee?
Insurance recovery is an asset subject to the claims of a bankruptcy trustee. There are differences between chapter 7 and chapter 13. In a chapter 13 you would not lose the insurance money, but it may affect how much you have to pay in the plan. Assets and claims acquired after you filed the chapter 13 bankruptcy might lead to an increase in your chapter 13 payments. You need to discuss this matter with your attorney if represented.See question
I'm a US citizen living in Florida. There's a strong possibility that I'll be moving to an EU country (probably Spain) before the end of the year. After moving, I want to file for chapter 7 bankruptcy. Can I hire a lawyer in the US to do that for ...
Bottom line as others have indicated there are serious issues whether you can legally or practically file bankruptcy after you move to Spain. There might be issues you have now about filing bankruptcy relating to income or assets. But if possible it would certainly make sense to investigate filing bankruptcy while you are still in Florida.See question
I am currently being represented by an attorney to assist me with my bankruptcy. Prior to retaining him, I had mentioned that I was on the deed of my childhood home since 2010 without my prior knowledge. He told me that would not have been an issu...
You must list and transfer of property made within 2 years prior to filing of bankruptcy. However, the bankruptcy trustee can also ask you about any transfers in the past 4 years. The trustee could seek to recover the property unless you wait 4 years from the transfer. Your family might have a defense. You should seriously consider whether you can file any bankruptcy.See question