Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
The list of assets would be on the petition, specifically, schedule B.
If you know the debtor owns assets that are not scheduled, you should contact the trustee in the case, which should be listed on pacer as well, or you can contact the US Trustee office.
If the asset is not scheduled, the trustee could deny discharge of the bankruptcy
The trustee could also liquidate the unscheduled asset for the benefit of creditors as well
It comes down to available exemptions that the debtor has. $4000 wildcard and $2400 vehicle exemptions
So, depending on the value, and what exemptions were used would determine if an asset would be liquidated.
If the debtor intentionally hid assets by not scheduling them, it's bankruptcy fraud, and big trouble for the debtor
Contact the Trustee or the US trustee and they'll take it from there.
Any other questions?
It seems as if you are away. If you have any further questions, let me know
The US trustee can be found here, depending on what region you are in in IL
www.ilnb.uscourts.gov (northern) www.ilcb.uscourts.gov central dist, www.ilsb.uscourts.gov southern
Sorry, I went to check it out, and found it, thanks for your help, I dont understand how someone with 10000 a month income, and 7500 a month in bills is allowed to declare bankruptcy, all I can say is WOW, rich people get away with anything!!
The court will scrutinize the income and expenses to see that they are properly qualified to file under that chapter.
There are enough checks and balances in the system to weed out any fraud as well.
Did you have any further questions?
IF you do, just let me know, otherwise click accept to close the question and rate my answer.
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