Whether you believe it or not, if you apply for bankruptcy you should plan to learn about it. The reason is simple. Bankruptcy is purely the current state of debtor's finances. It will not end in your life forever, even at the end of your life. Some people have personal possessions to protect others. I am thinking with them.
By law, obligors and bankruptcy attorneys can move assets as necessary before filing for bankruptcy. This is called a pre-petition plan. It can be done unless it is done to deceive courts or creditors.
For example, I heard about bankruptcy attorneys whose clients came to his office to start the process of raising bankruptcy cases. He told the lawyer about the bank accounts and some financial investments he had. But tomorrow obviously he owned more and refused to tell the bankrupt lawyers about them. The lawyer informed him that a 50,000 dollar stock he had had is brought in the court, as the lawyer could not be protected by what is called an exemption law to sue him.
But if you work with a financial planner and just move $ 50,000 to a retirement vehicle like 401k, IRA etc, it will be fully protected. It is an example of an allowable pre-deduction plan.
A client who came to a lawyer's office and said that he had antique furniture of $ 200,000 in a cabinet decidedly refused to tell the bankruptcy attorney what kind of furniture and amount he was at home. Her medical debt was about $ 200,000.
The law did not allow antique furniture to hold antique furniture and pay medical debts. Antique furniture was not necessary for new life after fiscal rebuilding or bankruptcy filing. Furthermore, there was no applicable exemption law to protect antique furniture.
In the area of most laws, the debtor must be sincere. It is the debtor himself who must attend the creditors meeting, take a vow, and testify on personal and financial life. This can not be done if the debtor goes crazy.
There were debtors who consulted a bankruptcy attorney for bankruptcy applications. He will become clear at a certain moment and at the other moment it will be quite outside. There was no apparent drug or alcohol abuse. Rather, he gains insight into every sign that he is crazy. He could not explain about himself or the background so that a bankruptcy attorney can start the incident for him.
The last timely bankruptcy law is made up of codes that the US Congress enacted. There is also a lawsuit appealed by the Court of Appeals to the court. Only couple consisting only of men and women legally married can do joint petition. This is the result of the Federal Paralysis Act (DOMA). So when Obama elected to protect DOMA under the current law, we personally set the law free, so it did not have any effect on bankruptcy filing. At least not everyone knows. So there are some bankruptcy for you.
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