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What we look at then is what are you allowed to protect?If you have assets overseas and they happen to fall within one of the allowable legal exemptions that we can take, then, “No, you won’t lose those assets even though they may be overseas.” Another reason that you may be able to keep the assets is if the value of the assets is low enough and it’s going to be costly enough for the trustee to acquire those assets, investigate what those assets are and their value and to try and liquidate those assets, it might not make sense from a financial perspective for the trustee to get involved.One particular asset involves a consumer filing for Chapter 7 bankruptcy who also is a beneficiary of a trust.When a consumer is filing for bankruptcy and he or she is a potential beneficiary of a trust that has considerable assets, there are issues that need to be resolved before deciding whether it's likely the assets of the trust will be included in the bankruptcy liquidation.If all or part of the reason you are filing bankruptcy is overdue federal tax debts, you may need to increase your withholding and/or your estimated tax payments. However, refunds may be subject to delay, to turnover requests by the Chapter 7 Trustee, or used to pay down your tax debts.For help determining the proper withholding, visit our online Withholding Calculator. If you believe your refund has been delayed, turned over, or offset against your tax debts you can check on its status by going to our Where’s My Refund tool or by contacting the IRS’ Centralized Insolvency Operations Unit at 1-800-973-0424. At the conclusion of your Chapter 7 bankruptcy you will receive a discharge of debt.If someone came in with their overseas assets to you, would you be able to make an estimate for them whether or not they would be subject to the bankruptcy? We can look at what the current estimated value of the property is and depending on the type of asset, we could determine how difficult it would be for the trustee to make contacts in this particular country and give a rough estimate of what the expenses would be involved in that.
Chapter 7 provides relief to debtors regardless of the amount of debts owed or whether a debtor is solvent or insolvent.Matt: Hi, I’m Matt Mc Arthur, an attorney at Clear Counsel Law Group.Regularly practice in bankruptcy, and one of the questions that I received from a potential client was, “I have assets overseas.A Chapter 7 Trustee is appointed to convert the debtor’s assets into cash for distribution among creditors.To take full advantage of the bankruptcy laws and get a fresh start, it is important that you do not continue to incur additional debt.
Once liquidated, the proceeds go to pay off the consumer's creditors.