Saranac, NY Bankruptcy Law Firms & Lawyers

You will be held responsible for paying this money. As far as the finance company is concerned, they loaned the money to you and any deal you made with anyone else is your problem. I know that sounds harsh, but that's the way they look at it. You can sue the ex-BF, but then you have to collect. Tell the finance company to go ahead and repo the furniture. They will, and then will sell it for cheap and sue you for the difference. When they do, bring a third-party action against the ex-BF.

The creditor and/or trustee will question if you had a genuine intent at the time of the charge to pay it back.  If during the lookback period, the burden is on you to prove it was not fraud.  Never do this, as if makes a good bankruptcy into a bad one.  You are not the first one to think of this idea.

There are too many different variables to answer the question of what will happen to specific assets, as it currently is asked.  It depends on numerous factual issues.   You should consult a local bankruptcy attorney because each state has unique exemption laws and a local attorney can determine what assets can be exempted.  Most bankruptcy attorneys offer a free initial consultations to determine if bankruptcy is appropriate. This is not intended to be legal advice, and is general in its nature. No attorney-client relationship exists or is formed by this information. Furthermore, this does not represent the views or opinions of LexisNexis or its affiliated companies.