Want to protect my assets

[SavemyASSets24]

I am getting ready to file for bankruptcy, assuming that I can, I am uneducated at the moment on bankruptcy. Things that I would really like to protect:

1. My wife's GOOD credit

......Can you get in trouble for attempting to protect assets by means of giving them away, "Selling" them really cheap to friends or family?

I am concerned about posting my situation and desires if it is punishable.

[AngelinaCatHub]

Now, even stupid me is qualified to answer. DON'T DO IT. I did not and even within that vein, I am being investigated and it has been more than 90 days after my 341. It is absolutely not allowed to sell or hide stuff. You need to have everything up front 90 days, 180 days, and a year for some things. This time I believe I'm correct. Trust me, I'm suffering for a weak lawyer and for 17 bucks you can get the Chapter 7 book online in pdf format if you are computer savvy. Don't hide a damn thing.

[Runnin on empty]

Don't hide a damn thing.

Blunt, but makes the point hit home.

Do not attempt to hide things, the trustee will find out. Chances are, unless they are some really valuable things, the trustee might not go after them anyway, because more often than not, it just isn't worth it for her/him to jump through the hoops for it.

Another big problem people have is overestimating the value of something. Say you bought a plasma TV 2 years ago and paid $3K for it. You'd be lucky if it were worth $1K now.

The biggest question you need to ask yourself savemy, is will you be filing with an attorney, or will you be filing pro se?

[southernbelle]

Ditto to the above posters. If you are in true need of a chapter 7 discharge and the relief bk will give you, best bet, be honest. Trying to hide your valuables could get detected and your entire case could get thrown out.

Keep in mind, the Trustee's job is to find assets and distribute the money to your creditors. They are very good at this. Whatever you are planning to try, I'm sure they've seen it before. I wouldn't if I were you because it's not worth it.

[CANTDOIT]

What if i sold a truck 8 months ago really cheap. I sold it to my father in law. Will they still think I'm trying to hide an asset??(going to file next month)

[SavemyASSets24]

no expert

Not an expert at all put it probably makes a difference if you sold a

$10,000 truck for $1k
or a
$2000 truck for $200

[JRScott]

Can't Do It, you I think have to list any insider trades on your forms that occured I think in the last year, and you will have to list that one. Your intent at the time is what is important. So long as you didn't do it to hide assets you should be good. If your honest with them then it might not hurt to much. At worst they could reverse the trade so long as you are honest up front.

OP: As the others said hiding assets from the Trustee is a bad mistake. You could be charged with BK Fraud after having your case dismissed with prejudice. It means you could never file bk again on the same debts and that they will prosecute you.

[CANTDOIT]

Jr: what do you mean reverse the trade??? Do you mean i have to give up the money?

[pa308]

And you could go to jail

[Flamingo]

There are two old sayings that should apply to anyone thinking of attempting to hide assets in a BK or to beat the system in some way - "You can run, but you can't hide;" and "Oh what a tangled web we weave when we practice to deceive." Keep them in mind. They are so true.

[lrprn]

Jr: what do you mean reverse the trade??? Do you mean i have to give up the money?

Yes, that's what jr meant.

However, if the car you sold was for fair market price and you did it nine months before you filed, then chances are you'll be ok.

If you plan on filing with a lawyer, what does he/she say about this sale?

[JRScott]

As lrprn said The Trustee has the power to undo any transfers of property he deems abusive, this is something you chould ask your lawyer cantdoit.

[CANTDOIT]

Yeah thats what I'm going to do. I don't need or want any problems...

[JRScott]

Good luck with it