Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

In personal bankrupcy, would I absolutly have to claim a sports

Customer Question
betting account in costa rica...
In personal bankrupcy, would I absolutly have to claim a sports betting account in costa rica? The other thing is that they are really hard to get them to pay out. I thought they never would but after 8 months they finally sent a small payment.
Submitted: 6 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 4 minutes by:
4/1/2011
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,555
Experience: JD, MBA
Verified
Hello and thank you for allowing me the opportunity to assist you.

You must list all of your assets wherever they are located. Therefore, you must report the Costa Rican betting account. You'd have to report a watermelon in China if you had one there. :) The Bankruptcy Code is quite clear that all assets must be listed ... and there are no exceptions for assets in foreign nations. I wish I had better news.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.

I regret that my answer is unfavorable, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than a truthful response. With that in mind, I hope that you found value in my answer. If so, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Thank you and good luck!

Ask Your Own Bankruptcy Law Question
Customer reply replied 6 years ago
do you think they will bother trying to go after it if it had a few thousand in it?
Customer reply replied 6 years ago
1)Can we prepay our rent for one year before the bankrupcy to move our cash somewhere?

2) We also only have one $3,000 old mini van. Can we buy a car for about $20,000 and is there a protection for the vehicle?

3) Basically, what are the exemptions and limits for the various things in CA?

Also, We have about $70,000 worth of silver. How much of that can be protected? We are thinking of selling off whats not protected of the silver and buying a boat to live on like we have always wanted to do and we would leave our rental to make the boat our primary residence. Will the boat be protected as it would be our homestead.




Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
Hi again.

Unfortunately, I do think that the trustee will be I treated in that money. If you fail to report it and it is later discovered, then your discharge can be reversed and you will again owe your creditors.

I hope that helps. Please remember to click "accept."
Ask Your Own Bankruptcy Law Question
Customer reply replied 6 years ago
did you see the other questions?
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
Hi again. I didn't see your updated questions when I responded again. I'll answer them now:

1)Can we prepay our rent for one year before the bankruptcy to move our cash somewhere? No. That would be considered favoring a creditor. The trustee would make the landlord give the money back.

2) We also only have one $3,000 old mini van. Can we buy a car for about $20,000 and is there a protection for the vehicle? No, you can only protect up to $2,775 of a vehicle's value. If the vehicle is worth more, then the trustee will sell it. Your $3000 van will probably be okay, but not a $20,000 vehicle.

3) Basically, what are the exemptions and limits for the various things in CA? There are too many to list here, but you can see the list by CLICK HERE.

Also, We have about $70,000 worth of silver. How much of that can be protected? No. Unfortunately most of it would be seized.

We are thinking of selling off whats not protected of the silver and buying a boat to live on like we have always wanted to do and we would leave our rental to make the boat our primary residence. Will the boat be protected as it would be our homestead. Yes, that is not one thing you mentioned that would actually work to protect some of your assets. You can protect up to $75,000 of a homestead, and it can include a boat.

I hope that helps. Please remember to click "accept."
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,555
Experience: JD, MBA
Verified
TJ, Esq. and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Customer reply replied 6 years ago
did you mean that the last one would work? You said, " Yes, that is NOT one thing you mentioned that would actually work to protect some of your assets." If it doesn, is it okay to do a month before filing, is there any time frame it has to be done before filing?
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
Hi again. Sorry for the typo. I meant to write:

" Yes, that is the one thing you mentioned that would actually work to protect some of your assets. You can protect up to $75,000 of a homestead, and it can include a boat."
Ask Your Own Bankruptcy Law Question
Customer reply replied 6 years ago
ok so no problem doing this at the last minute? We also would have to be out of our rental and officially living it it fulltime right? We wouldn't make our rental a second residence and keep the rental also?
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
You shouldn't have a problem if you sell the silver and buy a houseboat. You would need to live in the houseboat. You can have a second residence, but it cannot be your primary residence.
Ask Your Own Bankruptcy Law Question
Customer reply replied 6 years ago
last question I think, How do we consider it our primary residence? If we are only living on it for a few weeks before filing and we still have a rental then doesnt that look fishy? Also we were saving our silver to actually buy a home in kansas city cause my family lives there. So if we buy a home for the 75,000 in Kansas city and move there and live in it can we still file bankruptcy in California?

thanks
autumn
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
Hi again.

Yes, I agree that it may look fishy to keep the rental if you're going to file in just a few weeks. But you can establish primary residence by changing your address on everything from bank accounts to your driver's license (to be honest, I don't know enough about house boats to know whether you have a legitimate address for purposes of a driver's license). It may be best to get rid of the rental.

You cannot move to Kansas and use the Kansas exemptions that quickly. You'd have to use California's exemptions. Other than that issue, you can indeed buy a home in Kansas and still claim a homestead exemption.
Ask Your Own Bankruptcy Law Question
Customer reply replied 6 years ago
Ok so if I buy a home in Kansas in the next couple weeks with my silver and move there and live in the home for let's say a month or so then when I file bankruptcy will I be filing in California? Even though I am now living in Kansas? Also do I need to live in the home untill the bankruptcy is totally complete or just when we file?
Thanks
autumn
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
You can file in Kansas, but the California exemptions will be used. It's to prevent people from "forum shopping." In other words, some people who don't live in Kansas may want to use Kansas's unlimited homestead exemption, so they purposely move there to spend all of their assets on a house. The Bankruptcy Code prevents that by forcing the people to use the exemptions from where they previously lived.

I would stay in the house during the bankruptcy to avoid any claims that the house is not really your primary residence.
Ask Your Own Bankruptcy Law Question
Customer reply replied 6 years ago
Sorry I thought that was all the last thing but I really think this is now, can we use our attorney here in California that I already started with and just file like it's for California even though we are in Kansas? How would we go about this? And your sure it's ok that we move in the next couple weeks there claim primary residence in a new home and then file a couple weeks later??

Thanks so much:)
Bankruptcy Lawyer: TJ, Esq., Attorney replied 6 years ago
You'll need to use an attorney in Kansas if that is where you will live when the bankruptcy is filed. Yes, you can convert your non-exempt assets into exempt assets by buying a homestead.

Good luck!
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,555
Experience: JD, MBA
Verified
TJ, Esq. and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask TJ, Esq. Your Own Question
TJ, Esq.
TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12,555
12,555 Satisfied Customers
Experience: JD, MBA

TJ, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

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

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

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.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, 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!!

ElaineAtlanta, 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.

TonyApopka, 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

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
We are a non-profit group...we are behind in our rent, owe
we are a non-profit group...we are behind in our rent, owe sales tax etc...I am considering bankruptcy for the non-profit but need guidance before I make that decision...I would like time to liquidate… read more
Lori
Lori
Juris Doctor
268 satisfied customers
Law Educator I am attaching my rough draft to the trustee
Law Educator I am attaching my rough draft to the trustee -please advise in your professional opinion if there is something that needs to be deleted or added. Also, I am attaching the minute entry to … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If the trustee rules that the person filing for bankruptcy
If the trustee rules that the person filing for bankruptcy has an equitable interest in real estate, can that ruling interfere with his exemption. Or is he allowed then to file for his right of redemp… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
If you have a trial scheduled and the US Trustees Office is
If you have a trial scheduled and the US Trustees Office is trying to get your case dismissed and you have been dealing with your attorney who has been doing things that will get him disbarred, how do… read more
Michael Bradley
Michael Bradley
JD
1,191 satisfied customers
I am being sued by my ex-landlord. Our family business
I am being sued by my ex-landlord. Our family business leased commercial store from him in 2008. I signed the lease in my name because the corporation was inactive at that time. I am not sure but i th… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,290 satisfied customers
Can I rent to own a home in Tennessee with chapter 7 and
Can I rent to own a home in Tennessee with chapter 7 and chapter 13 bankruptcy on my credit?… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I have hard evidence that the Trustee and Trustee atty were
Hello - I have hard evidence that the Trustee and Trustee atty were negligent, breached their fiduciary duties and allowed my federal case of fraud in the inducement run the SOL, without pursuing as t… read more
Dwayne B.
Dwayne B.
Juris Doctor
28,688 satisfied customers
The Trustee in a corporate bankruptcy case erased and/ or
The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witnesses testimony … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,317 satisfied customers
Second opinion] The Trustee in a corporate bankruptcy case
Second opinion] The Trustee in a corporate bankruptcy case erased and/ or deleted tape recorded testimony of a key witness in a 2004 bankruptcy rule deposition. what recourse do I have being that witn… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
BANKRUPTCY: I have 2 questions 1. Debtor owes the Landlord
BANKRUPTCY: I have 2 questions1. Debtor owes the Landlord $4800 of back rent; and they are still occupying the residence. Landlord has not filed for eviction YET. Can the debtor include the $4800 of b… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
My confirmation meeting is next week and th trustee wants a
my confirmation meeting is next week and th trustee wants a modified plan so i won't be confirmed, what may happen … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
In the Utah code you sent me it states: 75-7-501 Rights of
In the Utah code you sent me it states: 75-7-501 Rights of beneficiary's creditor or assignee. "To the extent a beneficiary's interest is not protected by a spendthrift provision or Section 25-6-14, t… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
I received notice from the Trustee of an "Order Striking
I received notice from the Trustee of an "Order Striking Filing For Failure To Comply With Required Procedures".I believe the problem is with a creditor who had an undeliverable address, however, I ha… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I had just filed chpt 13 met with trustee last Thursday I
I had just filed chpt 13 met with trustee last Thursday I got a surprise when I got home my son had paid off my home and car 359000 What do i do from here? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I recently made my last chapter 13 payment to the trustees
I recently made my last chapter 13 payment to the trustees office. I fell behind on my mortgage and have been in a trial modification. On the notice of final cure my lender stated the amount I was del… read more
socrateaser
socrateaser
1,031 satisfied customers
Q.1 Do I understand 11 US 362 (a) correctly that landlord
Hello expert, Q.1 Do I understand 11 US 362 (a) correctly that landlord can file eviction AFTER tenant files BK chapter 7? If No, then Q.2: (Time limit of Automatic Stay): How long after tenant files … read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
Does it matter which chapter of the BK code is used when
Does it matter which chapter of the BK code is used when assessing the statute of limitations issue?… read more
Ely
Ely
Counselor at Law
Juris Doctor
266 satisfied customers
Does the trustee need a court order to sell a debtors
Does the trustee need a court order to sell a debtors primary residence? The equity is claimed as exempt, but the trustee believes there is more equity in the house than the debtor claimed. Reference … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x