Trustee objected scheduled VAluation

The trustee would not even look at an asset and less it was owned by the debtor filing for bankruptcy. Many debtors prior to filing bankruptcy try to get rid of assets they have, such as automobiles by selling them to family members at a reduced price. This is considered fraud under the bankruptcy code and the trustee can take that vehicle even if you sold it and received money for. If you transfer any substantial asset for a certain time., Depending on the type of asset, prior to filing for chapter 7 bankruptcy, the bankruptcy trustee may and usually will go and take back that vehicle and the person who purchase a vehicle does not get money back in return. I always tell my clients to let me know about all vehicles that have been transferred and all real estate property has been transferred within the last 10 years. The trustee will not care about motor vehicles for a length of time that long, the only reason I ask is to impress the importance of the fact that the trustee will be looking for such transfers. Also I informed my clients that simply by them not telling me about it, does not mean the trustee will not find out. If you ever owned a vehicle and it was ever registered the trustee is going to know in about five minutes after they press the enter key simply by using your Social Security number. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147