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Posted On: March 15, 2010

Purchases Made Prior to Bankruptcy

A Sacramento attorney advises on purchases made prior to filing for bankruptcy...

With the warmer months approaching, it’s not uncommon for people to make seasonal purchases such as vacations and other big ticket items on credit. Perhaps you are relying on a substantial tax return, or hoping that your financial situation will improve come fall. If for any reason, a person is soon thereafter in a situation where they are unable to pay for the items purchased, and also find themselves needing to file for bankruptcy, the items purchased may be considered part of the bankruptcy estate and recovered.

A debtor who qualified for a Chapter 7 bankruptcy will be eligible to discharge all of their unsecured debts such as credit card debts or personal bank loans. From a creditor’s perspective, based on the item purchased, it may be worth it to challenge the debtor’s bankruptcy petition and force the debtor to pay back some of the debt. To be safe, it is best not to make any big ticket purchases for at least a year prior to filing for bankruptcy.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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