How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2496
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

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: 8 months ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 months 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

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.