Question: If I file bankruptcy will someone from the court come to my house to see what I have? I definitely need to file bankruptcy soon. The bills are piling up and the amount of money that I owe is a lot. The credit card interest rates are super high and the late fees are huge.
I got into trouble investing in a friend’s business. He said that it was pretty much a sure thing and that we’d easily make money. He said we could easily double our money each year. I thought he could do it because he’s smart and I thought he had a great plan. It had to do with day trading stocks using a computer program that he wrote.
So I invested a little bit of money and we made a nice profit, not a ton of cash but some money. Then I went all in and invested pretty much all my savings and that’s when he had a problem. Something happened in the stock market, our stocks went down, and the plan didn’t work and I lost almost all of my money.
Once that happened, I started living off my credit cards and paying for everything with them. My wife told me not to invest with my buddy, who I’d known since our fraternity days and University of Georgia. She called him a fraud and said he was dumb. So she’s all angry that I lost our money and she now wants a divorce, so I’m dealing with that too, and I know it’s going to be expensive.
I just wanted to ask a bankruptcy lawyer that if I file, will someone from the bankruptcy court try to take my furniture and the contents of my home.
C.E. in Dunwoody, GA
Answer: People file for bankruptcy protection (either chapter 7 or chapter 13) for many different reasons. Business ventures that don’t work are a common cause of bankruptcy.
You should not have to worry about someone from the bankruptcy court coming out to inspect your home. We have not had this happen to a client. You do have to disclose certain information about your assets, but we have not had a bankruptcy official want to go to someone’s home to view their assets.
The bankruptcy trustee’s office and the bankruptcy judges are quite busy tending to their daily workloads and they simply don’t have time (or inclination or budget) to carry out inspections. That’s why the forms that are filed for bankruptcy are detailed, so that there is no need for an in-person inspection.
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