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TJ, Esq.
TJ, Esq., Attorney
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Experience:  JD, MBA
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In personal bankrupcy, would I absolutly have to claim a sports

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In personal bankrupcy, would I absolutly have to claim a sports betting account in costa rica? The other thing is that they are really hard to get them to pay out. I thought they never would but after 8 months they finally sent a small payment.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 3 years ago.
Hello and thank you for allowing me the opportunity to assist you.

You must list all of your assets wherever they are located. Therefore, you must report the Costa Rican betting account. You'd have to report a watermelon in China if you had one there. :) The Bankruptcy Code is quite clear that all assets must be listed ... and there are no exceptions for assets in foreign nations. I wish I had better news.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

I regret that my answer is unfavorable, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than a truthful response. With that in mind, I hope that you found value in my answer. If so, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

Customer: replied 3 years ago.
do you think they will bother trying to go after it if it had a few thousand in it?
Customer: replied 3 years ago.
1)Can we prepay our rent for one year before the bankrupcy to move our cash somewhere?

2) We also only have one $3,000 old mini van. Can we buy a car for about $20,000 and is there a protection for the vehicle?

3) Basically, what are the exemptions and limits for the various things in CA?

Also, We have about $70,000 worth of silver. How much of that can be protected? We are thinking of selling off whats not protected of the silver and buying a boat to live on like we have always wanted to do and we would leave our rental to make the boat our primary residence. Will the boat be protected as it would be our homestead.




Expert:  TJ, Esq. replied 3 years ago.
Hi again.

Unfortunately, I do think that the trustee will be I treated in that money. If you fail to report it and it is later discovered, then your discharge can be reversed and you will again owe your creditors.

I hope that helps. Please remember to click "accept."
Customer: replied 3 years ago.
did you see the other questions?
Expert:  TJ, Esq. replied 3 years ago.
Hi again. I didn't see your updated questions when I responded again. I'll answer them now:

1)Can we prepay our rent for one year before the bankruptcy to move our cash somewhere? No. That would be considered favoring a creditor. The trustee would make the landlord give the money back.

2) We also only have one $3,000 old mini van. Can we buy a car for about $20,000 and is there a protection for the vehicle? No, you can only protect up to $2,775 of a vehicle's value. If the vehicle is worth more, then the trustee will sell it. Your $3000 van will probably be okay, but not a $20,000 vehicle.

3) Basically, what are the exemptions and limits for the various things in CA? There are too many to list here, but you can see the list by CLICK HERE.

Also, We have about $70,000 worth of silver. How much of that can be protected? No. Unfortunately most of it would be seized.

We are thinking of selling off whats not protected of the silver and buying a boat to live on like we have always wanted to do and we would leave our rental to make the boat our primary residence. Will the boat be protected as it would be our homestead. Yes, that is not one thing you mentioned that would actually work to protect some of your assets. You can protect up to $75,000 of a homestead, and it can include a boat.

I hope that helps. Please remember to click "accept."
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 10036
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
did you mean that the last one would work? You said, " Yes, that is NOT one thing you mentioned that would actually work to protect some of your assets." If it doesn, is it okay to do a month before filing, is there any time frame it has to be done before filing?
Expert:  TJ, Esq. replied 3 years ago.
Hi again. Sorry for the typo. I meant to write:

" Yes, that is the one thing you mentioned that would actually work to protect some of your assets. You can protect up to $75,000 of a homestead, and it can include a boat."
Customer: replied 3 years ago.
ok so no problem doing this at the last minute? We also would have to be out of our rental and officially living it it fulltime right? We wouldn't make our rental a second residence and keep the rental also?
Expert:  TJ, Esq. replied 3 years ago.
You shouldn't have a problem if you sell the silver and buy a houseboat. You would need to live in the houseboat. You can have a second residence, but it cannot be your primary residence.
Customer: replied 3 years ago.
last question I think, How do we consider it our primary residence? If we are only living on it for a few weeks before filing and we still have a rental then doesnt that look fishy? Also we were saving our silver to actually buy a home in kansas city cause my family lives there. So if we buy a home for the 75,000 in Kansas city and move there and live in it can we still file bankruptcy in California?

thanks
autumn
Expert:  TJ, Esq. replied 3 years ago.
Hi again.

Yes, I agree that it may look fishy to keep the rental if you're going to file in just a few weeks. But you can establish primary residence by changing your address on everything from bank accounts to your driver's license (to be honest, I don't know enough about house boats to know whether you have a legitimate address for purposes of a driver's license). It may be best to get rid of the rental.

You cannot move to Kansas and use the Kansas exemptions that quickly. You'd have to use California's exemptions. Other than that issue, you can indeed buy a home in Kansas and still claim a homestead exemption.
Customer: replied 3 years ago.
Ok so if I buy a home in Kansas in the next couple weeks with my silver and move there and live in the home for let's say a month or so then when I file bankruptcy will I be filing in California? Even though I am now living in Kansas? Also do I need to live in the home untill the bankruptcy is totally complete or just when we file?
Thanks
autumn
Expert:  TJ, Esq. replied 3 years ago.
You can file in Kansas, but the California exemptions will be used. It's to prevent people from "forum shopping." In other words, some people who don't live in Kansas may want to use Kansas's unlimited homestead exemption, so they purposely move there to spend all of their assets on a house. The Bankruptcy Code prevents that by forcing the people to use the exemptions from where they previously lived.

I would stay in the house during the bankruptcy to avoid any claims that the house is not really your primary residence.
Customer: replied 3 years ago.
Sorry I thought that was all the last thing but I really think this is now, can we use our attorney here in California that I already started with and just file like it's for California even though we are in Kansas? How would we go about this? And your sure it's ok that we move in the next couple weeks there claim primary residence in a new home and then file a couple weeks later??

Thanks so much:)
Expert:  TJ, Esq. replied 3 years ago.
You'll need to use an attorney in Kansas if that is where you will live when the bankruptcy is filed. Yes, you can convert your non-exempt assets into exempt assets by buying a homestead.

Good luck!
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 10036
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you

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