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  1. #1
    Join Date
    Aug 2012
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    Default Declaring Bankruptcy After Selling Assets

    My question involves bankruptcy in the state of: Florida

    If I file chapter 13 banruptcy in Florida, can I be forced to repay for assests that have been sold previously? If so, how far back do they go? I sold some land 26 months ago.

    Thank You

  2. #2
    Join Date
    Sep 2010
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    478

    Default Re: Declaring Bankruptcy After Selling Assests

    You are required to disclose transfers that happened within the 2 years prior to filing bk (question 10 of the Statement of Financial Affairs). If the transfer was to a self settled trust then the disclosure period is extended to 10 years prior to filing. The Court can look back further than the 2 year period but such rarely happens when it is dealing with a Chapter 13. If there is an aggressive creditor who knows about transfers that are questionable then the likelihood that the issue will pop up is enhanced. If you sold the asset for fair value there should not be a problem. If you simply gave it away or got substantially less for it than it was worth. . . well . . . there could be a problem. You need to discuss the details with your attny before you file so that you know what to expect.

    Des.

  3. #3
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    Aug 2012
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    2

    Default Re: Declaring Bankruptcy After Selling Assests

    Thank you, I was thinking 2 years also, but I was talking with lawyer and he said its 4 years. Wasn't sure that sounded right to me

  4. #4
    Join Date
    Sep 2010
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    478

    Default Re: Declaring Bankruptcy After Selling Assests

    Quote Quoting Blueant
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    I was thinking 2 years also, but I was talking with lawyer and he said its 4 years. Wasn't sure that sounded right to me
    As I indicated, the disclosure requirement (question 10) is 2 years (when not dealing with a self settled trust) but the Court can look back further than that. This further look-back is based upon your state's "fraudulent conveyance statute" and most state statutes have a 4 year window.

    Des.

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