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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have tried to work out arrangements with my creditors to

Resolved Question:

I have tried to work out arrangements with my creditors to freeze my debts while my divorce is finalized, but the credit card companies have reponded by raising my interest rates from 11% to 27% and running up huge fees on me. I am annoyed enough to consider bankruptcy. I have 2 questions:

What determines if I can go Chapeter 7 or 13?

My divorce has resulted in the shuffling of many assets, including Steeler Season Tickets? How will this be viewed by a bankruptcy court?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
Hi JACustomer,
1) Were the shuffled assets marital property or separate property?
2) What is the approximate value of the assets that you have shuffled?
3) How did you shuffle those assets (sale, gift, etc.)?
Customer: replied 4 years ago.

The assets were separate property (Steeler Seat Licenses)


They are a little hard to value, since the market is "underground", i.e., the Steelers do not sanction or participate. Depending on which side you wanted to argue, the value is between $7,500 and $15,000 each.


I gifted 2 to my son, and sold 2 for $10,000 each.





Expert:  cfortunato replied 4 years ago.

1) Whether or not someone can file a Chapter 7 (the preferred Bankruptcy) depends on whether their gross household income is above or below their state's median income level, which for the state of Massachusetts is currently $53,496 for a household of 1, $64,176 for a household of 2, $80,340 for a household of 3, etc. If your annual gross household income is below the above levels, you should be able to file a Chapter 7.

2) Any assets that were gifted within the 2 years before filing a Bankrutpcy can be deemed "fraudulent transfers", and can be taken back by the Bankruptcy trustee. But assets that were sold for a reasonable estimate of that they were worth cannot be taken back.


I think this is what you wanted to know. If not, please let me know.
Thank you.



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