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Bankruptcy Question..

 
Whoop-D-Do
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User ID: 64728069
Australia
11/01/2014 06:23 AM
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Bankruptcy Question..
Odd place to ask i know- but it is Saturday night and i can't wait till Monday. We are under enough stress as it is.

My mother in law lent my husband and i some money two years ago. It was agreed that we would sell our boat and repay her the money.
We had another baby on the way and the boat would no longer be suitable. She was happy to wait as she knew she would get it back.

The last two years have been a disaster. Just one thing after another- to the point where i am sitting here with a lump in my throat and shaking as my nerves just cant handle anymore.

We sold the boat and paid her back as promised.

We had to file for bankruptcy a few weeks ago thinking things just couldn't get worse and they have.

My mother in law has just got a letter asking for the money we had paid her out from selling the boat. They will legally peruse it.
How is this possible? We sought advice regarding this before we had gone bankrupt-
She is the loveliest lady. Its her last bit of money in the world! She is a pensioner:(
Because we paid her back less than 6 months ago they want it back.
So does that mean every creditor we paid in the last 6 months will have to throw the money in the kitty too? To divide it up again?

Any advice>?
please nothing nasty. We have never been so beat.
Anonymous Coward
User ID: 2474288
United States
11/01/2014 06:29 AM
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Re: Bankruptcy Question..
Overthrow your government and kill the bastards? 1dunno1
Anonymous Coward
User ID: 1496863
United Kingdom
11/01/2014 06:32 AM
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Re: Bankruptcy Question..
they cant touch your mother in laws money,you owe the debt not her

am i talking to a tard ???
Anonymous Coward
User ID: 48616511
United States
11/01/2014 06:45 AM
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Re: Bankruptcy Question..
unfortunately since you declared this in your petition that money needs to go back to the trustee in order to pay creditors..in my case my i owed money to my dad(about 2,000) my lawyer what he did was put it in the allowable assets column which was 5k so i had 3,000 in personal assets and 2,000 in loan...this is how it works in the u.s not sure how it works in australia but i think bk laws are pretty much the same in westernized countries.If you don't want to have your mother in law pay back that loan then cancel the bankruptcy and find out how long you have to wait until you don't have to put that in petition...thats the best advice i can give you.
Whoop-D-Do  (OP)

User ID: 64728069
Australia
11/01/2014 06:47 AM
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Re: Bankruptcy Question..
Yes I am a tard. That and more:(

Our adviser said the same thing. We did not want any stress to come to her.
But as i said- letter states she has 14 days. We have nothing left. We have been picked clean - its amazing just how many people dont mind picking bits off of you when your on your way down.
Anyway we paid her back less than 6 months ago in a lump sum and they want it. And according the Bankruptcy Act they have cited they are going to try take it.
Anonymous Coward
User ID: 2474288
United States
11/01/2014 06:49 AM
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Re: Bankruptcy Question..
Hack the bankers' families into pieces, ISIS style.
Anonymous Coward
User ID: 48616511
United States
11/01/2014 06:51 AM
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Re: Bankruptcy Question..
yeah its considered almost a type of fraud because you paid back a "creditor" thats within the family leading up to BK. Its an illegal transfer of assets basically..
Whoop-D-Do  (OP)

User ID: 64728069
Australia
11/01/2014 06:53 AM
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Re: Bankruptcy Question..
unfortunately since you declared this in your petition that money needs to go back to the trustee in order to pay creditors..in my case my i owed money to my dad(about 2,000) my lawyer what he did was put it in the allowable assets column which was 5k so i had 3,000 in personal assets and 2,000 in loan...this is how it works in the u.s not sure how it works in australia but i think bk laws are pretty much the same in westernized countries.If you don't want to have your mother in law pay back that loan then cancel the bankruptcy and find out how long you have to wait until you don't have to put that in petition...thats the best advice i can give you.
 Quoting: Anonymous Coward 48616511



Thank you. I don't think you can pull the pin once it has gone ahead. She doesn't deserve this.
I know the other creditors dont either. The other creditors did not have any claim on the boat- She would never of lent the money if we were not going to pay her back.
Whoop-D-Do  (OP)

User ID: 64728069
Australia
11/01/2014 06:55 AM
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Re: Bankruptcy Question..
I really hate this system. Sick. Tired. chewed up and spat out.
Seriously how many times do you get back up.

Last Edited by Whoop-D-Do on 11/01/2014 07:03 AM
Anonymous Coward
User ID: 48616511
United States
11/01/2014 06:56 AM
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Re: Bankruptcy Question..
sucks...a good lawyer would have gave you a heads up on that..
Thulsa

User ID: 61984016
United States
11/01/2014 07:18 AM
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Re: Bankruptcy Question..
They are looking at it as though you are 'hiding assets'; you aren't, but her relationship to you is what creates the presumption.

As an earlier poster said, cancel the petition for now.
There is nothing quite as compelling as a bad idea whose time has come...
Thulsa
anonymous
User ID: 32273778
United States
11/01/2014 07:22 AM
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Re: Bankruptcy Question..
Piss on these greedy whores.
Anonymous Coward
User ID: 15286624
United States
11/01/2014 07:53 AM
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Re: Bankruptcy Question..
start a new life get off the grid.
Whoop-D-Do  (OP)

User ID: 64730163
Australia
11/01/2014 08:14 AM
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Re: Bankruptcy Question..
Cant get off the grid now even if we wanted to.
Anonymous Coward
User ID: 9323417
United States
11/01/2014 08:58 AM
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Re: Bankruptcy Question..
Cancel the BK and Wait six months. Consult an attorney first but I don't think it would hurt anything by delaying the bk and extending that 6- month look back. If it's chapter 7 then you hold the cards.
Anonymous Coward
User ID: 64718680
Canada
11/01/2014 09:21 AM
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Re: Bankruptcy Question..
Gather up all the paperwork and information relating to the borrowing of the money and the selling of the boat and go see an attorney. Don't assume that just because they want the money back from her and are threatening legal action to her that they have a leg to stand on.

They might and they might not.

Oh and I really feel for you OP. Been through bankruptcy 20 years ago and it is extremely stressful. Make it easier on yourself and get some legal advice.
Whoop-D-Do  (OP)

User ID: 28062606
Australia
11/01/2014 07:26 PM
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Re: Bankruptcy Question..
Thank you everyone- We will look at both paths.

We have the evidence and paperwork that CLEARLY shows his mother paying us.

And funny enough-(not) We have the evidence of the sale of boat etc. Bla.

The boat was not placed on ANY of the loans for security. We wouldnt have loaned the money from her had we not had the boat there to reapy her no matter what.

They have officically made us bankrupt- so i dont think i can pull the petition now?

Had we known this was going to occour we would have found another way.
It is not his mothers fault.
Whoop-D-Do  (OP)

User ID: 28062606
Australia
11/01/2014 07:49 PM
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Re: Bankruptcy Question..
Cant pull the petition. We are going to be homeless and make a pensioner sink with us.

bump for a miracle. Prayer. Anything.





GLP