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Examples of assets in bankruptcy filings include: Business-related property. Financial assets, such as investments or deposit accounts. Land or a primary or secondary home. Personal and household items. Property related to farming and commercial fishing. Vehicles. Any other property otherwise not stated.
Hear this out loud Pause"Concealment" can mean hiding property or assets. It also includes preventing the discovery of assets, transferring property, or withholding information that is required to be made known.
Hear this out loud PauseThe bankruptcy estate is the pool of assets that will be used to satisfy the claims of creditors. Generally, all of a debtor's legal and equitable interest in property as of the filing of the bankruptcy petition and commencement of the bankruptcy case becomes property of the bankruptcy estate.
You are a Debtor if... You are a person or institution who owes money to a creditor. You cannot repay the money owed by the time it is due and are filing for bankruptcy.
Hear this out loud PauseProperty of the estate is defined broadly to include all tangible and intangible property. Tangible property includes all types of physical property that a debtor owns or has an interest in, such as machinery, equipment, inventory, furniture, and fixtures.
Trustees shall perform their duties in a timely manner and carry out their functions with competence, honesty, integrity and due care. Trustees shall cooperate fully with represen- tatives of the Superintendent in all matters arising out of the Act, these Rules or a directive.
The trustee will notify your creditors of your bankruptcy assignment and collect, review & approval all claims. Administration Duties. During bankruptcy, a trustee will collect payments, ensure you complete your duties including attending two credit counselling sessions and distribute funds to the creditors.
In the simplest of terms, a Receiver acts for the secured creditor. A Licensed Insolvency Trustee acts for the general benefit of the unsecured creditors. Always act promptly to deal with the situation of demand for payment and seek the assistance of a professional.