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selling items prior to filing

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  • selling items prior to filing

    I am getting ready to file for chapter 7. We have turned in our paperwork to our lawyer but are several weeks aways from filing. I intentionally left a few things off the asset sheet because I knew I had to sell them for monthly expenses. We have no money at all and selling our shed and a few other items will give us what we need in order to buy groceries, pay bills and most importantly pay the lawyer. Do I need to disclose this or is it fair game because its happening before i file? If I dont sell some things I am going to have to wait longer to file because I will have to come up with a large amount of money for the lawyer.

  • #2
    If you sell an asset you disclose the sale transaction in question 10 of the Statement of Financial Affairs. I require my clients to list anything worth over $100. You would indicate the item sold, to whom you sold it, whether or not that person is related to you and, the amount you received. You will want to keep track of what you use the $$ for.

    Des.

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    • #3
      Not disclosing assets could be a major headache if the trustee finds any disparangcy or invesitigates your claims. Be totally honest with your lawyer and disclose these assets. Ask him/her what you can or cannot sell.

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      • #4
        Hi I'm new here. Anyway how can a trusty know that the items in your house aren't friends and family items they lent you.

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        • #5
          Hello, the answer to most of these questions: if you don't know just disclose. I would move ahead and sell the shed and items anyway, and maybe even keep records that you used the money for personal expenses and not luxury items. Therefore you're not hiding anything, you have the money you need, and the only things that could happen would be a creditor or trustee challenging that transaction. Worst case scenario, the transaction would be set aside by the trustee but from the sounds of it there likely isn't going to be enough money involved for anyone to seriously consider challenging.

          I have had many clients sell items weeks before bankruptcy and successfully conclude. Trustees are reasonable if you are honest, disclose everything, and have the paper trail to back it up. Doesn't seem like you are doing anything wrong here.

          I am not an attorney, and do not practice law in your state, so please do not take this as legal advice. however, I have several years in bankruptcy alternatives and workouts and through this experience I have encountered many clients who file chapter 7.
          I am NOT an attorney. Please take any advice given as advice from a consultant with experience in bankruptcy alternatives
          [link removed by admin]

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          • #6
            Originally posted by wayout View Post
            Hi I'm new here. Anyway how can a trusty know that the items in your house aren't friends and family items they lent you.
            Why would you risk prosecution for bankruptcy fraud to find out? Would you have your friends and family perjure themselves if they are asked under oath if the items are theirs? Be honest on your petition. The possible consequences of lying aren't worth taking the risk, even if it is a small risk.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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            • #7
              You mean the court will subpoena my friend who recently moved to Brazil to testify that the items are his?

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              • #8
                I would at least ask my lawyer if this would fly but I bet that what you say is what may happen more often.

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                • #9
                  Originally posted by LadyInTheRed View Post
                  Why would you risk prosecution for bankruptcy fraud to find out? Would you have your friends and family perjure themselves if they are asked under oath if the items are theirs? Be honest on your petition. The possible consequences of lying aren't worth taking the risk, even if it is a small risk.
                  I agree. Be honest. I promise you there is nothing in your house worth lying about in bankruptcy court. If it truly is your friends stuff, then be honest about that too but dont make things up in order to save the possessions in your home. Through BK you will be erasing most of your debt, you will have another chance to get out there and buy new furniture
                  I am NOT an attorney. Please take any advice given as advice from a consultant with experience in bankruptcy alternatives
                  [link removed by admin]

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                  • #10
                    I sold a pick up truck that I owned free and clear for $6000, 3 months before I filed. It was fair market value and I spent the money on living expenses including paying monthly bills. Last 1700 went to pay my lawyer. It was listed in the petition and not questioned at the 341. I was current on everything when I filed. Strictly a bussiness decision as I was injured and would have fallen behind quickly. My lawyer wanted everything on the table for the trustee to see. I had a payment for 20k to a family friend just outside the look back period and that was listed also. Bridge loan when I brought the house. Be honest. You're better off in the long run.
                    Last edited by AJA; 02-09-2012, 12:18 PM. Reason: Add something

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