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Are there any personal exemptions of property in a bankruptcy action?
Wiki User
∙ 11y ago
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.
Wiki User
∙ 11y ago
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Are there any personal exemptions of porperty in a bankruptcy action?
yes
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.
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
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 legal action can be taken in the state of Texas for charge off debt?
The creditor/lender can file a lawsuit in the appropriate court of the debtor's state. If the creditor wins the suit a judgment will be entered against the debtor. A judgment can be executed against the debtor's nonexempt property/assets including jointly owned marital property and assets, as Texas is a CP state. The state does not allow wage garnishment for creditor judgments but it does allow bank levy, seizure and liquidation of nonexempt property and liens against real property (a forced sale of a primary residence is not allowed). The exemptions that are allowed in bankruptcy are the same ones available to the debtor when defending property against a judgment creditor. In addition, the debtor may be able to use federal non-bankruptcy exemptions to further protect personal and real property from creditor attachment.
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.
Is is possible for a creditor to garnish an insurance settlement that you are scheduled to receive?
Assets and income that are exempted from creditor lawsuit action is determined by the laws of the state of residency. The property that a debtor can protect from creditor execution is the same property that is noted in a bankruptcy filing. In most cases there are certain federal exemptions that can be used as well as state to stop creditor seizure of specfied property owned by the defendant debtor.
What property can a judgment creditor take for the repayment of a debt?
States establish specific types and amounts of the debtor's real and personal property that are exempt from creditor action; therefore each state is different in what can and cannot be seized by a judgment writ. In most cases, the exemptions allowed to protect property from a lawsuit judgments are the same as those that can be used in bankruptcy filing. In some cases it is also possible for the debtor to use federal non bankruptcy exemptions. The best choice is for the debtor to obtain legal advice from a qualified attorney (bankruptcy, general law, etc.)or legal aid association. Most attorneys offer free or minimal fee consultations to discuss the options that are available. State bar associations have a free referral service as does the American Bar Association, http://www.abanet.org. The debtor can also receive a list of pro bono or reduced fee from the office of the clerk of the circuit court in the city or county where the judgment was granted.
What is a Motion for Abandonment?
A Motion for Abandonment is a legal request made to a court to declare that a party has abandoned their claim or interest in a case. It is typically used when one party believes the other party has given up their rights or interest in the subject matter of the litigation. If granted, it can lead to the dismissal of the claim or issue.
If your friend is on a house loan with you and you pay the payment every month on time but he is filing bankruptcy could they still take the house from you?
The deed to the property is what determines ownership and what action can be taken against the property during bankruptcy or the execution of judgment.
