Ask Experts Questions for FREE Help !
Ask
    picker's Avatar
    picker Posts: 1, Reputation: 1
    New Member
     
    #1

    Sep 30, 2007, 02:21 PM
    what happenes once I have declared bankruptcy to the court
    IF I decide to declare bankruptcy do the courts come into my home and remove all items of any value, I have children and if I decide to go ahead the more info as to what happens when would be good to know so as to protect them as much as possible.

    Thank you
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Sep 30, 2007, 04:10 PM
    No, once you file, you give a detailed list of the value of various properties, cars, homes and the such, there is a large amount of exempt property, if you own so much you have property over the exempt amount, that can be taken for sale but this will be far into the bankrutpcy proceedings.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Declared dividends [ 1 Answers ]

How are declared dividends reported

Home equity and bankruptcy court [ 1 Answers ]

I filed a chapter 13, 19 months ago. Now I'm selling my house, which was not included in the matter, nor is their any leins against the house. Can the bankruptcy court take any of the equity money from the sell of this house?

Creditor Rights in Bankruptcy Court [ 1 Answers ]

We have a judgment against renters who are now filing Chpt 7 and I heard if they did malicious damage to our property we should still be able to collect that money. They got into a fight and he broke an exterior door and they never fixed it. Therefore there ended up being water damage on the...

Dividends declared [ 0 Answers ]

If a company lists a debit to dividends declared on their trial balance as an expense , how would this effect stockholders equity at period end? I do not think it would not be an adjusting entry to remove from expenses, but a reclassification entry but I am unsure of what entry to make:confused:


View more questions Search