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Bankruptcy Lawyers In Austin Counsel On Selling Of Assets
Prior to filing for bankruptcy, it may be risky to sell or transfer nonexempt property. Even though it's legal in some situations, doing it wrong can have serious consequences. It carries serious risks if it is used improperly, especially to avoid paying creditors. Austin bankruptcy lawyers can determine a solution to your financial situation.
Definition Of Exempt Property
After declaring bankruptcy, you are allowed to keep any assets that qualify as "exempt". Exempt property means they cannot be seized by creditors to pay off a debt. Common types of exempt property usually involve:
Equity in a primary residence and vehicle.
Furnishings.
Clothing.
Retirement account that satisfies the requirements of the Employee Retirement Income Security Act or Erisa.
The assets you can shield depend on the laws in your state. There is a choice between the state's exemptions and the federal government's exemption scheme in some states, though exemptions are state-specific in every other way.
All of your possessions that do not qualify for an exemption are considered nonexempt property.This is what happens to nonexempt property in Chapter 7 bankruptcy is outlined below.
If you file for Chapter 7 bankruptcy, it is expected that the trustee will sell any nonexempt property to pay off any debts that aren't covered by any collateral.
Selling Non-Exempt Property
You are the legal owner of said property. Before declaring bankruptcy, you may sell it. However, you should also make payments to your creditors, as doing otherwise constitutes fraud.
Selling assets prior to a bankruptcy filing can be difficult. Here's the acceptable reason.
When faced with a dire need, selling property is acceptable. Selling the boat or other luxury item to pay for necessities like rent, food, clothing, or medical care is a perfectly reasonable course of action. Do the math and sell it for what it's worth.
Since most people are short on cash before they declare bankruptcy, you can use the proceeds from the sale of your assets to pay for necessities.
When in doubt, consult bankruptcy lawyers in Austin. You should consult a bankruptcy attorney before selling your assets for any other purpose.
The lawyer will either advise you on how to achieve your goals in a legally lawful way, or else warn you that the risk of getting into trouble during bankruptcy proceedings isn't worth the savings.
Challenges In Disposing Of Nonexempt Real Estate
Most of the time, the first thing to sell when money gets tight is the nonexempt property, which consists of luxuries that aren't essential to maintaining employment and a household.
Before filing for bankruptcy, you may sell exempt property without fear of the trustee liquidating it.
But if you could sell everything that isn't exempt and put the money toward acquiring more exempt property or paying off the mortgages, that would be ideal.
Prior to filing for bankruptcy, it is common practice to liquidate nonexempt assets in order to increase or preserve the value of exempt assets. Pre-bankruptcy planning that is done to hinder, delay, or defraud creditors is prohibited by the bankruptcy laws.
A bankruptcy court has the authority to reopen a case to determine the validity of sale of property that occurred before the bankruptcy filing. Judges will look at the circumstances surrounding the transfer and the nature of the property to determine how far back they will go.
Typically, the court will look back no further than a year or two, but in the case of certain transfers, it may go as far back as ten.
If you're considering selling your property, it may be time to meet with an attorney from the Austin Bankruptcy Lawyers firm. If you're interested in selling the property for any other reason, it's important that you find out if the sale will affect your ability to file for Chapter 7 bankruptcy.
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