Make sure that it was a chapter 11 and not a chapter 7 or a chapter 13. Many times there are no trustees in a chapter 11 and chapter 11 is almost always a larger business bankruptcy.
The trustee will look at your entire financial situation based on the information that you provided in your bankruptcy filing and supplemental documentation, but I am unaware of any ability or authority foro the trustee to be able to get information from the IRS. You are LEGALLY REQUIRED to disclose the winnings when you file for bankruptcy. Failure to do so would be bankruptcy fraud and could result in the denial of your discharge if this information comes to the attention fo the court and/or the trustee. If you made preferential payments to creditors, the trusted might ask for a refund of those payments to be distributed to all of your creditors.
There is a big difference between these two. Chapter 7 is known as a debt liquidation bankruptcy whereas chapter 13 is debt restructuring. Chapter 7 involves getting the majority of your debts discharged (although not all are an option) and chapter 13 reorganizes your debts and the court sets up a payment plan.
Yes...AFTER BK provides NO protection or change in you obligation
The first step would be to ask the trustee. If the trustee is not forthcoming, you would need to demand and possible sue for an accounting.
Notify your attorney. If its a reasonable amount of money, get an attorney if you don't have one. Sometimes they can get you some wiggle room. If you don't want an attorney, contact your Trustee, who will most likely demand the (or most of the) money. Do not just ignore it. You can get hit with fraud under Federal Law. It is virtually always your absolute obligation under the terms of your bankruptcy, and the promises you made to the court and judge, to report it to the trustee one way or another. (It probably should have been on your schedules as an at least possible asset).
A married couple can file for bankruptcy separately in Illinois, as it is not uncommon for one spouse to have a significant amount of debt in their name only. However, if spouses have debt they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file. When a married couple face bankruptcy, they can file jointly, one can file while the other doesn't or they can file separately at the same time.
No. In fact, if the debt is paid after a bankruptcy has been filed the entire bankruptcy can be considered invalid and all other debtors will be able to demand payment.
Forever. The attorney doesn't represent you. He / she represents the trustee of the trust. The attorney advises the trustee, and probably should advise the trustee to make disclosure to the beneficiaries (unless the trust instrument waives that duty for the trustee). However, the attorney doesn't control the trustee; he / she only advises the trustee. If you want information, you are going to have to ask for it. If you get no response in a reasonable about of time (say 10 days), you may have to demand it and possibly sue for an accounting.
If bankruptcy is over and the debt was discharged, they creditor is forever barred from taking any action to collect the debt. If the bankruptcy is still pending, the debtor cannot contact you without permission from the bankruptcy court. In either case, you may have a claim for damages against the debt collector.
Yes, the Trustee can and it does happen. Every creditor that has a secured lien must file the appropriate paperwork with the appropriate state agency and in most states, doing it within a certain number of days. Normally 20. If they don't do it timely, the Trustee can avoid the lien because it is voidable. In bankruptcy, Trustees have the power to void certain types of liens and unperfected or faulty-perfected liens are one of them. What to do? Easiest is to give the car to the Trustee. Then you may want to consider a separate cause of action against the car dealership for faulty perfection filing. May be able to recover the fair value of your use of the car. You won't have to pay the note back on the car. More opinions from FAQ Farmers: * Probably. You always have the right of appeal, though. And then a judge would decide if it is allowable.
GMAC demand notes are not a reliable bet until the Government is no longer a stakeholder, when the government is no longer rewriting contracts, and not until after the bankruptcy is complete.
no