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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2875
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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The case involves someone I know who I believe has committed

Customer Question

The case involves someone I know who I believe has committed fraud in IL, I believe he has not reported ownership of two motorcycles on his bankruptcy in order to keep them, also, is there a way to find out if these assets are listed in the bankruptcy, I found the filing on Pacer, but could not locate the list of assets.

When filing bankruptcy in the state of IL is it likely for someone to have say their motorcycles seized as an assets, I understand they wont usually take your house or primary vehicle, but isn't a motorcycle considered an assett that should be surrendered to satisfy debts?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

The list of assets would be on the petition, specifically, schedule B.

Terry L. :

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.

Terry L. :

If the asset is not scheduled, the trustee could deny discharge of the bankruptcy

Terry L. :

The trustee could also liquidate the unscheduled asset for the benefit of creditors as well

Terry L. :

It comes down to available exemptions that the debtor has. $4000 wildcard and $2400 vehicle exemptions

Terry L. :

So, depending on the value, and what exemptions were used would determine if an asset would be liquidated.

Terry L. :

If the debtor intentionally hid assets by not scheduling them, it's bankruptcy fraud, and big trouble for the debtor

Terry L. :

Contact the Trustee or the US trustee and they'll take it from there.

Terry L. :

Any other questions?

Terry L. :

It seems as if you are away. If you have any further questions, let me know

Terry L. :

The US trustee can be found here, depending on what region you are in in IL

Terry L. :

www.ilnb.uscourts.gov (northern) www.ilcb.uscourts.gov central dist, www.ilsb.uscourts.gov southern

Terry L. :

Good luck

Terry L. :

Terry L

Customer :

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!!

Terry L. :

The court will scrutinize the income and expenses to see that they are properly qualified to file under that chapter.

Terry L. :

There are enough checks and balances in the system to weed out any fraud as well.

Terry L. :

Did you have any further questions?

Terry L. :

IF you do, just let me know, otherwise click accept to close the question and rate my answer.

Terry L. :

Thanks

Terry L. :

Terry L