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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4913
Experience:  36 plus years of experience specializing in bankruptcy law
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This question is in regards XXXXX XXXXX questions about filing

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This question is in regards XXXXX XXXXX questions about filing a corporate bankruptcy. I filed for a company bankruptcy last week and there and NO assets for the Trustee to give to the creditors. The only asset is a car valued at $8000, which my daughter made all the final payments for. The title of the car is in the corporations name and the Trustee wants to keep the car. Does my daughter have a right to place a lien on the car since she made the payments prior to the bankruptcy being filed? Our attorney never advised us on this and we should have transferred the title and waited the appropriate amount of time to file the BK. Is is too late? Is there a way to file an ammendment to the BK in order to file a lien to get my daughter the amount of money she is rightfully owed? She has all the documentation for all the payments made from her bank accounts. Thanks in advance for your help, time is of the essence since the BK Trustee wants the car this week.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 3 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. the trustee has the right to claim the car as a corporate BK is not entitled to claiming any assets. So, it sounds like you received poor advice. So my advice to you is to have your attorney dismiss your BK ASAP to avoid the trustee taking any further action.


Best regards XXXXX XXXXX am glad  to help.  Please be so kind as to click the GREEN accept button as I do not get paid for my assistance unless you accept.   A bonus and and positive feedback are also appreciated.  An ACCEPT also assures that I can assist you again.  I wish you the best in the future.  Thanks.
Customer: replied 3 years ago.
Can my attorney dismiss this immediately even if he has been paid his entire fee? Is there any other action to take? You advice is very vague. I do not understand your statement that the "trustee has the right to claim the car as a corporate BK is not entititled to claiming any assets". At this point, I want to know if my daughter can place a a lien on the car so that she gets her money back.
Expert:  dylatess replied 3 years ago.
your daughter cannot post a lien as to perfect a lien, it would have had to be placed before the BK was filed. So unless the BK dismissed, you will have to surrender the car or buy it back from the trustee for its fair market value.. Finally, a motion to dismiss can be filed immediately. But whether your attorney willl agree to do this if he has not been paid is up to him. likewise, if he has been paid in full, he may ask for additional fees for the additional work he has to perform.


Best regards XXXXX XXXXX am glad  to help.  Please be so kind as to click the GREEN accept button as I do not get paid for my assistance unless you accept.   A bonus and and positive feedback are also appreciated.  An ACCEPT also assures that I can assist you again.  I wish you the best in the future.  Thanks.
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4913
Experience: 36 plus years of experience specializing in bankruptcy law
dylatess and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you for clarifying. It is fair to say that the attorney ill-advised us from the beginning, since he was aware that my daughter had paid off the car in April and the bankruptcy was not filed until Oct. 31. He knows that she has paid for all the attorney fees and is a major creditor in the bankruptcy. Another example of a greedy attorney.

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