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Can they take your furniture or other personal property if you file bankruptcy?
Wiki User
∙ 14y ago
yes, but if you are, than RUN!
Wiki User
∙ 14y ago
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Property classification includes tools?
The answer likely depends on the context. For Texas property tax purposes, the property classification for portable tools is Industrial Personal Property. Other items in this category include computers, furniture, and trucks.
Which property type would include tools?
Durable
If a spouse files for bankruptcy will assets such as property that are in the name of the of the other spouse only be seized?
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
What has the author Harry Augustus Bigelow written?
Harry Augustus Bigelow has written: 'Cases on the law of personal property' -- subject(s): Personal property, Cases 'Cases and other materials on the law of personal property' -- subject(s): Personal property, Cases
You filed bankruptcy the civil court locked your place for levy?
Unless there is a lien on the property, they are required to obtain permission from the Bankruptcy court and get in line. Bankruptcy court has authority over all other civil courts. Contact your bankruptcy lawyer for advisement.
If you are a title holder of real property but are not on the mortgage loan and or mortgage note of that property can a lien be placed against the real property if you file bankruptcy?
This would be a most uncommon situation...you own the proerty but other people have it mortgaged? Your bankruptcy effects everything you own, not just what you may owe on. Your ownership of this property is included.
When filing bankruptcy which chapter eliminates all debt?
It depends. Most any of the types can, or may not. Some considerations are if your speaking of a business (Corporation) or personal bankruptcy, if the debts are secured or not, and how much of what type of assets there are and if any of them are to be maintained after the bankruptcy as determined by the Court and creditors. There is no personal bankruptcy where secured debts or other obligations such as child support arrearages. A chapter 7 is a total liquidation bankruptcy in which the debtor can discharge all debts that are not secured including judgments, liens that have not been "perfected", stop wage garnishment, etc. The petitioner will however be required to relinquish all non exempted property.
Can a co borrower on a home file bankruptcy?
Sure. And yes, it will involve the property and credit of the other co-borrower.
What is a levy against personal property?
A levy is when a creditor is allowed to take and sell your personal property. This can be a tax levy or some other form of judgment.
Will filing for bankruptcy affect a judgment against you?
A bankruptcy doesn't dismiss another legal action, like a judgment. But you can include the plaintiff's claim in your bankruptcy. The judge may allow this debt and discharge it along with all your other obligations.
What is the legal definition for personal belongings?
Personal property is any movable or intangible thing that is subject to ownership and not classified as real property. All property other than land and buildings attached to land.
Can you file bankruptcy on a loan for a vehicle?
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.
