Assets acquired after filing under Chapter 7, such as wages, can’s be reached by the trustee. But watch out for proceeds, rents and profits.
The 180-day rule applicable to life insurance proceeds also applies to death benefits overall. Death benefits may also often be exempt.
The 180-day rule applies to life insurance proceeds in a Chapter 7 case. But life insurance proceeds are often exempt, or protected.
If you are expecting an inheritance, or even if you are not, the special rules about them are worth your attention to prevent bad surprises.
If you are the beneficiary in a spendthrift trust, most likely a bankruptcy trustee can’t touch whatever property is in that trust.
There’s a lot more to using property exemptions than just matching them to your assets. There are benefits worth taking advantage of.
Most of the time you get to keep everything you own when you file bankruptcy. It’s all covered by property exemptions. But not always.
Usually you use the property exemptions available for the residents of your state. But not if you haven’t lived there long enough.
Usually everything you own is exempt (protected). But what happens if you own an asset that is not exempt? What does the trustee do? Chapter 7 is the “liquidation” form of bankruptcy. But in our last blog post we introduced the bankruptcy trustee as an only sometimes liquidator. That’s because in most Chapter 7 cases nothing gets liquidated. Nothing … Read More
Charitable donations made during the two years before filing bankruptcy may fall within a safe haven of not being fraudulent transfers.
Selling or giving away something innocently, without trying to hurt your creditors, could still give the trustee the right to get it back.
Selling or giving away something to prevent your creditors from getting it may make a certain amount of sense but could be very dangerous.
Here are five ways that bankruptcy can involve assets you used to own, may own in the near future, or you own only a share of.
Beyond considering whether your assets have net value on the date of filing, do they generate rents, profits, or proceeds afterwards?
Which assets that you sell or give away before filing bankruptcy will be a problem, and which won’t?