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May 29, 2009

The Importance of Asset Disclosure

Filed under: Uncategorized — admin @ 2:41 pm

Sometimes the debtors forget to list some of their assets. An example of this might be a person who comes in and just happens to forget that he has a diamond ring that he actually bought for more than $10,000.00 for his girlfriend. He plans on gifting it to his girlfriend as their engagement. However, this is something that you should list. Now, whether the trustee is going to go after this engagement ring is another question. However, this is something that needs to be listed. This way, if something ever does happen, your lawyer can actually protect that diamond ring with the $4,000.00 exemption, or he can make sure that the value — the resell value which he can realistically sell that diamond ring for — is less than the exemptions that you have. That way it’s covered.
However, if the trustee does decide to liquidate the diamond ring to pay back some of your creditors and your exemptions don’t protect you, then you still have a couple of options. First, you have to realize that the ring that was bought for ten thousand dollars is not worth that much any more. The resale value might only be six thousand dollars now. Therefore, your exemptions would have to cover only six thousand dollars. So let’s say you put the four thousand of the wildcard exemption into that ring and there is only two thousand left un-exempt. You have an option of offering the trustee the two thousand dollars that he would have made upon selling the ring. You might be able to borrow this money from your relatives and keep the ring. Basically, the principal behind this logic is simple. If you give the trustee whatever he could have made upon the liquidation of the property, he will let you keep that property.

Bankruptcy Lawyers Austin

December 11, 2008

Jobless Claims Hit 26-Year High

Filed under: Uncategorized — admin @ 12:48 pm

December 8, 2008

Final Cost of Automaker Bailout Continues to Rise

Filed under: Automotive — admin @ 11:00 am

Mortgage Troubles Rise to Record Level

Filed under: Mortgages — admin @ 10:59 am

October 6, 2008

Basic Consumer Facts about the HOPE for Homeowners Program

Filed under: Uncategorized — admin @ 6:58 am

Catalyst Energy Files Bankruptcy

Filed under: Uncategorized — admin @ 6:53 am

Tropicana Seeks to Regain Control of New Jersey Casino

Filed under: Uncategorized — admin @ 6:52 am

October 1, 2008

Bankruptcy Filers Should See Improved Credit Score

Filed under: Credit Score — admin @ 8:10 am

September 27, 2008

Attorney’s Fees of Robert Schaller Examined

Filed under: Uncategorized — admin @ 8:18 am

September 25, 2008

Congress Objects to Lack of Help Aimed at Homeowners

Filed under: Uncategorized — admin @ 5:44 am
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