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In other words you know they could go to either liquidation or otherwise given away you won’t have a debtor’s prison
Do people donate things to get the same discharge?
This would occur from a lavish life and then a loss of employment over a long period of time with a belief that a new job prospect is on the horizon but it never materializes
In other words you know they could go to either liquidation or otherwise given away you won’t have a debtor’s prison
Do people donate things to get the same discharge?
This would occur from a lavish life and then a loss of employment over a long period of time with a belief that a new job prospect is on the horizon but it never materializes
Most likely, what would happen is you simply would not pay, and then when you do get a new job, you may have to let them garnish you for a little while before you can file bankruptcy.
My suggestion is that if you have valuables and can't pay for them, that you arrange to give them back in lieu of bankruptcy. Get the agreement in writing.
Remember: Bankruptcy court is NOT a court of law. It is a court of equity. While operating in a framework of laws, the bankruptcy judge has a fair bit of latitude. For example, the judge could just undo any transaction such as the donation of an asset or the sale of an asset.
Most property other that vehicles and RE are just irrelevant junk in creditor and bankruptcy procedures. They don't want the couch back, they want their money.
If "valuables" include cars, RE, expensive jewelry, art and other things of specific or inherent value, it's one thing. If it's just a household of costly furnishings, TVs and toys, no. All of the latter was likely purchased on unsecured credit anyway.
Bankruptcy generally allows the trustee to clawback payments made to creditors within to 90 days prior to of filing. The trustee or judge will require a statement of assets and liabilities at, or shortly after, filing. Whether or not they compare the two or look for purchased assets that are no longer there will depend on their thoroughness and the size of the assets. Anything that looks like fraud, or hiding assets, will be investigated.
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