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In a ch.7 case in the state of Oregon,If a debtor is owed $40,000

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In a ch.7 case in the state of Oregon,If a debtor is owed $40,000 of back child support payments and declares it in schedule-b as personal property; 1) Is property exempt; 2) Is the debtor required to inform the court of an agreement that will pay the debtor a lump sum of $55,000 to satisfiy said obligations,if agreement is reached before the Ch.7 case is closed; 3)If Non-exempt, is the debtor required to notify the Court of said payment even though the case has been closed; 4) What penalties can the court impose on debtor for witholding knowledge of said payment.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Oregon Statute 23.160(1) (i) exempt from the claims of creditors child support to the extent needed for support. The Schedule B claim for the support should be listed on the schedule of exemptions. If the bankruptcy case has been closed in the child support listed on schedule B, there is no obligation to inform the trustee unless the trustee specifically ordered you to do so
Customer: replied 4 years ago.

So, if child support that was in arrears and at the time of filing, that was never expected to be paid to the Debtor was indeed payed in full, $40,000, as was 15,000 for future support , the 40,000 is then deemed to have no value to the court even though a lein for said amount was placed on and collected by debtor from an Estate that was in Probate in CA.

Expert:  FiveStarLaw replied 4 years ago.
A chapter 7 considers the asset at the time the petition is filed. You stated that your bankruptcy was closed. You have no duty to inform the trustee that you have received payment in full provided you disclose the claim on your petition and the trustee did not request the information
Customer: replied 4 years ago.

It is closed. The Value was Disclosed. The Payment was received prior to the case being closed,there is nothing in the court documents that reflects this fact. Is this a potential problem if it is now disclosed?

Expert:  FiveStarLaw replied 4 years ago.
since the value as disclosed in the original petition you have no obligation to alert the trustee/court of the receipt of the funds unless the trustee/court ordered otherwise. If you choose to notify the trustee/court of the receipt of funds, the trustee may attempt to attach a portion of the funds for the benefit of creditors with the claim that it is more than is necessary for support
FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience: Bankruptcy Lawyer. Experienced.
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