If you file a Chapter 7 bankruptcy a trustee has the right to take any money or property that is owed to you for the benefit of creditors. If you have a lawsuit against someone the trustee also steps into your shoes to get money for your creditors. You should speak to a bankruptcy attorney regarding you situation and see what can be protected if anything. Hope this helps..
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Illinois. Responses are answers to general legal questions and the receiver of such question should consult a local attorney for specific answers to questions.Ask a similar question
Your right (if any) to recover your property is an asset that you must disclose in your petition and that you can exempt to the extent of the available exemptions. In my opinion, the exemptions that would apply to the property itself would be the appropriate ones, but you should consult a local bankruptcy attorney to help with your bankruptcy.Ask a similar question
Yes. The property or its cash value is yours up to the allowable exemption in NY. The real question is, what is the exemption that would apply. Do you use the personal property exemption if the items have been sold and hence no longer exist, or do you use the Federal wildcard exemption for its current cash value?Ask a similar question