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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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Chapter 7

Resolved Question:

I am filing for Chapter 7. I have a rental property which I intent to surrender to the lender in this banckruptcy filing. It is being rented in the amount of $ 1500.00.
I did not include this $ 1500.00 in my mean test filing becuase I expect this property to be loss in few monthts including the rental income.
But in the meantime I am receiving the $ 1500.00 income until the property will be surrendered to the lender.
Is it legal for me to recieve this income and not reporting it in my filing? What would be the legal way to handle this situation?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 5 years ago.

Hello,


Thank you for your question. I am happy to assist you.


The $1500 should be sent to the bankruptcy trustee. Here is why.



You are not claiming the property as an exemption. Thus the property is part of the bankruptcy estate. The trustee is entitled to the income.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
Customer/span>



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36471
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
If the trustee will not ask about it and kept quiet, what is the consequence?
Expert:  FiveStarLaw replied 5 years ago.
Hello,


It would be highly unusual that the trustee would not inquire. At the 341 hearing you will be asked under oath if your schedules are true and complete. If you did not list the lease as an executory contract, your schedules are not true and complete. If you did list the lease, the trustee will inquire if there is rental income.


Misstatements in a bankruptcy filing are typically taken very seriously. You could lose your discharge or have your petition dismissed for fraud.

I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
Customer/span>



THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE

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