Lyme, NY Bankruptcy Law Firms & Lawyers

The reason you have to list this transfer is because the bankruptcy code says so. Whether you or your friend have to pay this money to the trustee will depend on whether this sale was made under terms that would be considered fair. For example, that the car was worth only the $4,500 you received for it, and not $15,000. A big part of bankruptcy is being willing to comply with the law, because even for something of low importance, violating the bankruptcy law can turn you into a criminal.

Good morning.  You can file for bankruptcy without affecting his home as long as you were not on the mortgage and you otherwise qualify.  If you are considering doing so and are located within NYC or Nassau or Suffolk County and would like to discuss it further, please give me a call.

Income Taxes are (possibly) dischargeable in bankruptcy if they are for taxes that became due for tax years greater than three (3) years ago; the tax return was filed at least two (20 years ago; the taxes were "assessed at least 240 days ago, and there was no indication that there was fraud or evasion of taxes. Having stated the broad general rules, let me note that there are many, many, many ways that taxes can become non-dischargeable in the event certain things happened or did not happen since the tax liability was assessed. This is not something to attempt on your own, nor should an inexperienced Bankruptcy attorney rely on this broad outline. See a Bankruptcy attorney with sufficient experience to determine if any of the tax liability is dischargeable.