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Arbitration / Re: What can a creditor do if you hide all your money in cash under your pillow?
« Last post by CleaningUp on April 21, 2018 12:16:25 AM »One point about having the car in your possession when you file BK...
You may or may not be able to get it into the right auction, and the trustee isn't going to let you sell it in "the right auction" unless you do a lot of convincing that the return will be higher.
Oh, and remember, anything that you get from the proceeds if the auction don't go to you, they go to the trustee.
As for looking stupid to your father and his already knowing that fact...You're going to look more stupid if you run and hide and then drag this out for a few years at high percentage rates.
I don't think a trustee is going to look kindly on your paying the credit card companies back even WITH the cash being taken from you. It is part of your financial estate.
And if you think about it, going for a Chapter 7 bankruptcy will have the trustee distributing the proceeds, letting you off the hook for the hassle of returning it in a preferential way. Why are you thinking about making the credit card companies whole when you are sticking it to everyone else?
A GOOD bankruptcy attorney in your area is the way to go. Perhaps you should contact your personal attorney or hire your family business' attorney for a recommendation. He is more qualified for finding a good BK legal eagle than most. He might even take the case himself.
You may or may not be able to get it into the right auction, and the trustee isn't going to let you sell it in "the right auction" unless you do a lot of convincing that the return will be higher.
Oh, and remember, anything that you get from the proceeds if the auction don't go to you, they go to the trustee.
As for looking stupid to your father and his already knowing that fact...You're going to look more stupid if you run and hide and then drag this out for a few years at high percentage rates.
I don't think a trustee is going to look kindly on your paying the credit card companies back even WITH the cash being taken from you. It is part of your financial estate.
And if you think about it, going for a Chapter 7 bankruptcy will have the trustee distributing the proceeds, letting you off the hook for the hassle of returning it in a preferential way. Why are you thinking about making the credit card companies whole when you are sticking it to everyone else?
A GOOD bankruptcy attorney in your area is the way to go. Perhaps you should contact your personal attorney or hire your family business' attorney for a recommendation. He is more qualified for finding a good BK legal eagle than most. He might even take the case himself.