I'm contemplating filing for bankruptcy. I live in a house that I do not own and I basically have nothing of great value in my name (no car, no house), and I'm currently unemployed. How do they determine what to take and how can they prove what belongs to the owner of the house (not me) and what belongs to me? Do they actually send someone to your house and check or evaluate? Because that would be more humiliation than I can handle as the people I live with are not aware of my debt. If I have an overseas bank account, could they go after that (can they even locate it in the first place)? Thanks for any help!
2006-12-13 22:26:21 · 5 answers · asked by Swooned 1 in Business & Finance ➔ Credit
Not usually as long as you list what you think the fair market value is for the property. The only time the trustee would object to the value would be if you value your property low but you live an upscale area, then he may send an appraiser out to look at your property, you still should not have any problems.
2006-12-14 05:53:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If there are no signs that you're hiding assets or trying to cheat the system, the trustee doesn't appraise all of your property. Remember, though, that you must list all of your assets, and that includes the overseas bank account. If you don't, and they discover it, your discharge can be denied, which would forever keep you from discharging the debts you listed in that bankruptcy. Not to mention that it's possibly a crime to hide assets in bankruptcy.
They probably can't go after your overseas bank account directly, but if your state doesn't allow you to exempt cash, the trustee will ask you to turn it over. If you don't, he'd sue you in bankruptcy court (motion to compel turnover). If he wins that, you must turn over the money in the account. Failure to comply with a court order is grounds for denial of discharge and possible criminal charges.
2006-12-14 20:33:36 · answer #2 · answered by bige1083 1 · 1⤊ 0⤋
I just filed for bankruptcy and just had my 3-2-1 meeting. Im not sure what state you live in but I had to call this money management international and do an evulation on my accests and my options..you may want to call them and see if they can help you. I rent a house and they needed to know my rent and how much all my belongings were and yada yada. The website is www.moneymanagement.org
Im sure they can answer all your questions
2006-12-14 00:52:14 · answer #3 · answered by Samantha 2 · 0⤊ 0⤋
if you file bankruptcy no one can take anything from you. thats what bankruptcy is all about. it discharges you from all your debts. Besides, what makes you think anyone would take a house that is not in your name?
2006-12-15 19:02:08 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
no - but they can
overseas bank account can be noticed
2006-12-14 01:42:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋