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Are there any personal exemptions of property in a bankruptcy action?
If you mean exemptions of personal property, as opposed to real estate, yes, but they depend on state exemptions or federal exemptions in states that allow a choice of state or federal exemptions. Consult a local bankruptcy lawyer for specifics for your state.
What can you own when you go bankrupt?
If filing a federal bankruptcy, federal BK exemptions apply. If filing a state bankruptcy, the state's exemptions apply. A few states allow the debtor to choose either state or federal filing whichever is the most beneficial to the debtor. Bankruptcy Action, http://www.bankruptcyaction.com
What if assets are primarily personal property?
All states have a set of exemptions that can be used by the debtor to protect specific types and amounts of real and personal property in a bankruptcy or lawsuit action. Creditors rarely use a lawsuit judgment to seize personal property such as household goods exempt or not, the process is just not worth the effort. The exception is if the property is collateral for the debt, for example a big screen TV bought on a merchant account such as Sears. In bankruptcy the decision is made by how the trustee chooses to determine the status of such property under the state and/or federal exemptions.
If you own your home are you homestead exempt?
A homestead exemption can be filed for a mobile home. Check with your town clerk for the procedure. Residential dwellings such as houses, condos, mobile homes are not considered personal property.Examples of personal property are: Household goods, electronics, clothing, jewelry, stocks, bonds, bank accounts and similar assets/items. Some US states have exemptions for such, consult the bankruptcy laws concerning your state of residence to find out what may apply. If the state does not have a set of exemptions then the federal bankruptcy exemptions apply during BK or a creditor judgment action. Please note: Allowable exemptions are based upon the actual ownership of the real or personal property in question. Joint ownership of any kind can change the judgment status of all property, especially when it relates to a married couple.
Can a person place a lien on their own property to protect it from creditors?
No, such an action is not possible, and even if it were it would not protect the person's property from creditor action. Personal and real property belonging to a debtor are protected from creditor attachment to the extent provided by the laws of the debtor's state. The exemptions that can be used to protect specific property against a judgment creditor are the same ones that are used when filing bankruptcy and in certain circumstances federal non-bankruptcy exemptions can be used as well.
Benefits of bankruptcy?
Filing for bankruptcy will trigger the automatic stay, preventing creditors from taking action to collect their debts, including calling you, suing you, or sending you letters.You may be able to discharge your obligation to repay any of your dischargeable debts.By using the bankruptcy exemptions, many debtors can go through the bankruptcy process without losing any of their property.While a bankruptcy filing will remain on your record for 7-10 years, because many debts can be discharged in bankruptcy, many debtors begin improving their credit rating after filing for bankruptcy. Visit : my profile and click my site for more information about bankruptcy.
May I keep my home if I file bankruptcy?
If it has some equity but not more than the exemption, and if you are current on your mortgage payments. It may also depend on your state homestead laws. Bankruptcy is a Federal Court action and has nothing to do with State Homestead Laws! Equity is irrelevant to whether you can keep your house. It may affect whether you want to reaffirm the mortgages or not. Bankruptcy law specifically allows states to require their exemptions. Most states require you to use state exemption laws, including state homestead exemptions. A handful of states allow you to choose federal or state exemption laws.
What is considered unexempt property in Florida?
Not much if the issue pertains to a married couple, as Florida is a TBE state. Even debtor's who are unmarried have several options for protecting property both real and personal. The largest flaw in Florida's property exemption statutes would be that pertaining to vehicles. The same exemptions that are used for bankruptcy are also applicable concerning creditor lawsuit judgments. For a listing of exempted property allowed under the new BK laws, visit Bankruptcy Action http://www.bankruptcyaction.com
Can you include probation fees in bankruptcy?
No. Obligations to the government cannot be discharged through bankruptcy action.
What are the new bankruptcy laws?
Visit the Bankruptcy Action website for an explaination of the new bankruptcy reform and a guide to determine what is needed to qualify for a chapter 7 or 13. http://www.bankruptcyaction.com Please visit Bankruptcy Action Com for information concerning the new state and federal bankruptcy laws. http://www.bankruptcyaction.com
What books cover the facts about bankruptcy?
I would recommend that anyone considering filing bankruptcy should learn the facts and educate yourself about what you are getting yourself into. Credit After Bankruptcy: A Step-By-Step Action Plan to Quick and Lasting Recovery after Personal Bankruptcyby Stephen Snyder Debt Free!: Your Guide To Personal Bankruptcy Without Shameby James P. Caher, John M. Caher How to File Your Own Bankruptcy: (Or How to Avoid It)by Edward A. Haman The Complete Idiot's Guide to Surviving Bankruptcyby Carol Costa, James R. Beaman Debt and Bankruptcy (Ask a Lawyer)by Steven D. Strauss
Can you lose your horse in a bankruptcy?
It's like a bad country song, you will lose everything son. I must respectfully disagree with the above statement. People do not lose all their belongings when they enter into bankruptcy proceedings. When a person(s) need to declare BK for whatever legitimate reason they are allowed to exempt certain property. For example, the BK filer(s) is almost always allowed to keep their primary residence and vehicles. There are many other personal items/property that can be subject to exemption including livestock and pets. The listing of exempted items will be included in the BK filing documents and/or explained by the filer's legal representative. BK is a federal action, but several U.S. states have implemented their own exemptions in conjuction with the allowed federal exemptions. You can check your state's exemption laws by doing a simple search (i.e. "name of state" bankruptcy exemptions). Please note: If the BK filer(s) have defaulted in the payment of home and/or vehicle they must reaffirm the loans with the title/lien holders to protect the property from BK.
