When individuals file for Chapter 7 bankruptcy, one of the main concerns is whether the bankruptcy trustee will send someone to their home to inspect their assets. Understanding the role of the bankruptcy trustee and the importance of honesty and transparency in listing assets can alleviate these concerns. In a recent discussion with attorney Bill Kain, key insights into this topic were shared, shedding light on what individuals can expect during the bankruptcy process.
The key takeaway? A bankruptcy trustee won’t visit if assets are accurately listed.
Transcript:
Chapter 7 bankruptcy trustee has a duty to administer non-exempt assets in the bankruptcy case. Chapter 7 clients have a duty to completely list the assets that they own. However, if we are complete and correct and accurate in listing the assets that we own and putting value on them, it’s extremely unlikely that a bankruptcy trustee is going to take that next step to actually have somebody take a look. Honesty at the very beginning, being honest, being complete, being accurate will lead to a much better result than not – will lead to a much better result as far as keeping the bankruptcy trustee with some separation. It’ll allow the trustee if you’re accurate in your list of assets, the trustee will administer those assets in cooperation with you where you don’t have to worry about somebody driving by, somebody knocking on your door. There’s no surprise visit. There’s no bankruptcy court police force. You can be assured that if you are being honest in presenting your financial information, you don’t have to worry about that kind of intrusion.
No Surprise Visits or Intrusions
Contrary to common misconceptions, individuals going through a Chapter 7 bankruptcy need not worry about surprise visits or intrusive asset inspections by the bankruptcy trustee. As Bill Kain emphasizes, there is no bankruptcy court police force or unauthorized home inspections. By maintaining honesty and accuracy in the asset disclosure, individuals can be assured that their privacy and personal space will be respected throughout the bankruptcy process.
Learn More About Bankruptcy
By being forthcoming with their financial information and accurately listing their assets, you can avoid intrusive home visits and facilitate a smoother and more cooperative relationship with the bankruptcy trustee. This, in turn, can lead to a more favorable outcome in the administration of assets and the overall progression of the bankruptcy case.
If you want to learn more about bankruptcy protection, contact Kain + Henehan by calling (612) 438-8006 or filling out the online form to schedule a free consultation.
