In a chapter 7, it is possible to have the trustee take your tax, refund, your tax. Refund is an asset. They may not be fully exempt in a Chapter 7, bankruptcy proceeding. However, in Florida, the portion of your tax, refund, that is from earned income. Credit is 100% exempt. If you are considering … Continue reading “Will the trustee take my tax refund?”
Can I give some assets away to friends and family?
Assets transferred to friends or family prior to filing bankruptcy have to be disclosed to the court and can be set aside by a bankruptcy trustee. If the transfers are not disclosed and hidden it can result in denial of the bankruptcy and criminal prosecution. If you are considering filing for bankruptcy, I suggest consulting … Continue reading “Can I give some assets away to friends and family?”
Can I transfer assets prior to filing bankruptcy?
Very often people with non-exempt assets ask if they can sell their assets prior to the bankruptcy. This often does not solve the problem, because the bankruptcy trustee will ask for proof the assets were actually sold and for an accounting of the proceeds. If you are considering filing for bankruptcy, I suggest consulting with … Continue reading “Can I transfer assets prior to filing bankruptcy?”