Are there any personal exemptions of property in a bankruptcy action?
How do you get the lien released on your car title after bankruptcy when the car was awarded as exempt property?
Answer . \nIf there is a loan for the vehicle it must be paid off before the lender will release the title.\n. \nThe bankruptcy exemption status does not confer ownership… of the vehicle to the BK petitioner unless the vehicle was already owned free and clear.\n. \nIt simply indicates that the car was not subject to BK procedure.
That would depend on the tax laws wherever you live. -You haven't told us that !
When you file bankruptcy, you are required to fill out quite a few bankruptcy papers. Among these are Schedule C, which is a form where you list the property you are claimin…g should be exempt (meaning you get to keep it).. Both federal and state laws provide exemptions for certain property that a debtor is allowed to claim as exempt. What property is eligible for exemption status varies from state-to-state; however, some states allow you to choose whether to use the federal exemptions or your state's exemptions. If federal exemptions allow you to keep more property than your state's exemptions, then you should opt for federal, provided your state allows it (not all states allow you to choose between federal and state exemptions).. The following states DO ALLOW you to use the federal bankruptcy exemptions if you want: Arkansas, Connecticut, Washington, D.C., Hawaii, Massachusetts, Michigan, Minnesota, New Jersey, New Mexico, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Washington, and Wisconsin.. The following states DO NOT ALLOW you to use the federal bankruptcy exemptions: Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming. If you do not use the federal exemptions (either by choice or requirement), you are also allowed to use the federal non-bankruptcy exemptions. . What property is exempt under federal law? . Remember that only 15 states and Washington, D.C. allow you to use the federal bankruptcy exemptions (see above). These exemptions can be doubled if you are filing bankruptcy jointly with your spouse --. Personal and Real Property: . (1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, musical instruments). (2) Jewelry: Up to $1,075.00. (3) Vehicles: Up to $2,575.00. (4) Work tools (implements, books and tools of trade): Up to $1,625.00. (5) Health aides (wheelchair, etc.): Unlimited. (6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption). (7) Real estate (house, co-op or mobile home): Up to $16,150.00. (8) Any property: Up to $8,075.00 of unused portion of real estate exemption. Wages, Pensions, Recoveries and Benefits: . (1) Wages: None. (2) Wrongful death funds: Amount needed for support. (3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss). (4) Lost earnings payments: Unlimited amount. (5) Retirement benefits: Amount needed for support. (6) Alimony / child support: Amount needed for support. (7) Unemployment compensation: Unlimited amount. (8) Veterans benefits: Unlimited amount. (9) Social security benefits: Unlimited amount. (10) Public assistance: Unlimited amount. (11) Crime victims compensation: Unlimited amount. Insurance: . (1) Disability: Unlimited amount. (2) Unemployment benefits: Unlimited amount. (3) Unmatured life insurance: Unlimited amount. (4) Life insurance policy loan value, dividends or interest: Up to $8,625. (5) Life insurance proceeds: Amount needed for support. What property is exempt under state laws? . In general, most states allow you to keep much of your personal property, particularly that which has little or no value. You can even keep collateralized property in certain circumstances (of course, you have to reaffirm the debt).. Personal property includes tools that you use to earn a living (although there are limits on this); your clothing; and all of your household goods. As to your income, usually about 75% of your wages, and all of your unemployment and welfare benefits, worker's compensation, pensions, and insurance benefits are exempt. Most states allow you to double the amount of the exemption if you're married, but not all states, so make sure your state allows this before doing any calculations.
As found on at least 100 other places here...and allowed certain modifications (albeit minor overall) in different states. . Exemptions under Federal law, which may change …a little in State applications by the Federal BK Court you file in: Personal and Real Property: . (1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, musical instruments). (2) Jewelry: Up to $1,075.00. (3) Vehicles: Up to $2,575.00. (4) Work tools (implements, books and tools of trade): Up to $1,625.00. (5) Health aides (wheelchair, etc.): Unlimited. (6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption). (7) Real estate (house, co-op or mobile home): Up to $16,150.00. (8) Any property: Up to $8,075.00 of unused portion of real estate exemption. Wages, Pensions, Recoveries and Benefits: . (1) Wages: None. (2) Wrongful death funds: Amount needed for support. (3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss). (4) Lost earnings payments: Unlimited amount. (5) Retirement benefits: Amount needed for support. (6) Alimony / child support: Amount needed for support. (7) Unemployment compensation: Unlimited amount. (8) Veterans benefits: Unlimited amount. (9) Social security benefits: Unlimited amount. (10) Public assistance: Unlimited amount. (11) Crime victims compensation: Unlimited amount. Insurance: . (1) Disability: Unlimited amount. (2) Unemployment benefits: Unlimited amount. (3) Unmatured life insurance: Unlimited amount. (4) Life insurance policy loan value, dividends or interest: Up to $8,625. (5) Life insurance proceeds: Amount needed for support. If you're doing a Chapter 7 bankruptcy, you can't discharge:. Taxes and tax liens . Student loans . Domestic support obligations (child support and alimony) . Luxury goods over $500 purchased within 90 days of filing . Fines or penalties of government agencies . Cash advances of more than $750 taken within 70 days of filing . Fraudulent debts . Willful or malicious injury to another . Death or personal injury from the operation of a motor vehicle, aircraft or vessel while intoxicated . Condominium or cooperative association fees . Debts not listed on your schedules . Debts arising from fraud or maliciousness are not automatically excepted from discharge. The creditor must make a request to the court to except these types of obligations; otherwise they will be discharged.
Absolutely - ALL your property (all your assets) AND all your liabilities are included...always..you do not pick and chose.. They are given different priorities, some debts m…ay not be discharged (like child support), and some assets (like household goods, work tools), may not be used. But the personal property like a boat or car...or the Van Gogh on the wall...are fair game.
The way or origin of how you got it is unimportant. What it is carries. A gift of your dinning room table or work tools are exempt - because these things are exempt. A gift of… your boat, vacation house, lear jet, still wouldn't be.
The bankruptcy laws allow a debtor to keep certain property to make a fresh start. That property is removed from the bankrupt estate and is not available to creditors. The deb…tor selects the property to be exempted from the statutory lists of exemptions available under the law of his state. One of the things you can keep is your home. However, the circumstances are different depending on whether there is equity in the home, outstanding mortgages or if the amount due on the mortgages exceeds the value of the home. For a definitive answer, you must consult with an attorney who specializes in bankruptcy law.
The debtor is expected to value the assets properly when preparing and filing the bankruptcy schedules. Where there are markets or sources for valuing assets, such as Edmund's… or Kelly Blue Book for cars, eBay and Amazon for many articles like antiques, catalogs for old or foreign money, etc., you can use those. If a trustee feels a value is way too low, the value can be challenged by the trustee. The debtor signs these documents under the pains and penalties of perjury, so a deliberate undervalue would be an invitation to a federal prison stay.
When filing bankruptcy all assets are placed in a bankruptcyestate. Some assets are allowed to be protected and qualify for anexemption by the trustee. Items that are placed i…n exemption arepermitted to be sold, but the trustee should be notified prior tothe sale.
It depends on your state. A few states allow you to choose the federal or the state exemptions, whichever is better for you. Homestead exemptions have gotten a lot more compli…cated since the changes. See the link for more specific information for your state. http://www.exemptionsexpress.com/
What is considered bankruptcy exempt property If you are a trustee of a realty trust is that property considered your asset?
There is a difference between something that is your asset and something that is not. Exemptions only apply to assets. Whether the realty trust is your asset depends on the t…rust instrument and your state law. In most cases, if the property was yours and you put it into a realty trust, and you are the trustee and the beneficiary of the trust, there is no legal trust, merely the form of a trust. If it is a true trust, then the question becomes, are you a/the beneficiary and what is your share of the value of the trust? That is an asset. If it is a true trust but it is a revocable trust so that you get the trust property on revocation, that will probably be an asset to you also. This is a complex area of law, and you really need to have an experienced trust/bankruptcy lawyer look everything over.
This is based on whether your particular state follows the federal exemptions or if only state exemptions are allowed.
Is it the responsibilty of your attorney in chapter 7 bankruptcy to advise you if there are any judgments against the real property you own that is exempt in the filing?
First off, I have no idea how a real property you own would be exempt from any bankruptcy filing. If it is exempt for some reason, it could only be exempt from use as an asse…t to pay creditors, not from filing. Failing to list it would mean the BK fails to offer any protection and the one ommitting it has committed a serious, even criminal error in their court sworn filing. Something absolutely exempt, like personal furniture, you report it on the filing...the COURT makes the legal decision if it is exempt from use as an asset. It is your total obligation to inform your attorney of all assets and all liabilities you are aware of. No exceptions. It is also the only way for him to assure all things are protected best in the BK. You swear you will/have done this to him as well as the court. Commonly, if liabilites are found (like judgments you mention) or debts on a credit report, which are most likely against you AND filed against the property you own, he would discuss with you what they are and act to include them in the filing in order to have the court dismiss them. Hiding them and your only hurting yourself!
If the property was claimed as exempt the trustee has 60 days to either exempt or reject the contract. If nothing is done then the contract is automatically rejected and the t…enant is considered a holdover tenant. If you exempted the property the property reinvests in the debtors name and thus the rents should follow as the debtor is the only one with standing to collect the rents. That is not to say the trustee will not try hard to stand in your way though.
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 conside…red 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.
The Ohio legal services web site has good advice and all the basic rules listed. I searched "Ohio Collection Rules" and it was 4th or 5th in the list Collections can't take pe…rsonal property not specifically awarded to them in a law suit. A bill collector can't just take any property. But if you loose a lawsuit they can take everything of value if it is specified in the judgement, including the coat off your back and your special edition Jordan's.