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Liquidation of assets

I sold one of my 2 cars 6 months ago and now am thinking of bankruptcy due to unmanageable debt load. Is there a time limit preceeding a bankruptcy where action can be taken against me?

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One Response to “Liquidation of assets”

A licensed trustee said...

There are a number of different “time limits” that may come into play regarding the sale of your assets (things that you own) prior to filing an assignment in bankruptcy – they vary depending on the type of asset, who you sell it to and what you sell it for.

The quick answer to your car question is that if it has been 6 months you are probably ok – before you decide to file for bankruptcy make sure you discuss the sale of the car with your trustee just to be sure.

This is a fairly complicated area of the law – more complicated than can be addressed in a blog. To quick rules come to mind: it is generally a bad idea to sell the things that you own once you’ve started looking into bankruptcy; and if you do sell something in say the year before you file bankruptcy make certain you tell your trustee about it before you file.