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This is based on whether your particular state follows the federal exemptions or if only state exemptions are allowed.

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Q: How much value of personal property is exempt in cap 7 bankruptcy?
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When you go bankruptcy do you have to put up your house for collatoral?

In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.


If fully paid can you keep your motorcycle if you file personal bankruptcy in Pennsylvania?

In federal bankruptcy, it depends on the value of the motorcycle and whether you can exempt it or pay the trustee the value of the bike. If there is a state bankruptcy procedure in PA, the rules may be a little different.


Whether gifts comes under exempt or nonexempt property in bankruptcy law?

Gifts are typically considered nonexempt property in bankruptcy law. Nonexempt property is subject to being liquidated or sold to repay creditors in a bankruptcy case. However, there may be certain exemptions or limitations depending on the specific bankruptcy laws of the jurisdiction and the value or nature of the gift. It is best to consult with a bankruptcy attorney to understand how gifts may be treated in your specific situation.


How long do you have to wait to file bankruptcy after I have passed a property on to your son?

Thank you for passing your property to my son. Since I do not have a son, I guess it remains in limbo. If your son paid you the value (equity) of your home, you will have to disclose the transfer, but it will have no effect on your bankruptcy. If you gave the property to your son for free, and there was equity in the property, probably two years, if you gave the property knowing you were insolvent and intending to deprive your bankruptcy estate of the asset. It would have been better to discuss this with a bankruptcy lawyer before passing the property, as you might have been able to exempt the property in the filing.


How do you get value of personal property for filing bankruptcy For Schedule B such as couch chairs washer dryer it asks for value is that determined by purchase price or what it could sell for?

What it could realisitically sell for


If you sell a listed asset how much goes toward bankruptcy?

If the bankruptcy is a Chapter 7, and the asset is not exempt, you cannot sell it. It is the property of the bankruptcy estate administered by the trustee. If the asset is exempt, you can sell it and keep the proceeds. If the asset sells for a lot more than you listed its value as, be prepared for a claim by the trustee. If in a Chapter 13 and the Plan has been approved by the court, you are a debtor in possession and can sell assets with no problem, unless, as above, the asset turns out to have a significantly higher value than you listed.


Can you sell property prior to a bankruptcy?

Yes, for fair market value.


What does Full Value on Personal Property mean on Safeco policy?

Explain Full Value on Personal Property on a Tenant Policy


What is bankruptcy code 703?

I believe you are referring to local California statute CCCP §703, which refers to California's local exemption rules for bankruptcy. In short, California allows a debtor to exempt up to $3,300 for a single automobile and, more importantly, up to $20,825 in personal property as long the debtor owns no real estate with equity, or if the debtor intends on giving up any real estate with equity up in the bankruptcy. The $20,825 "wildcard" exemption may be used to protect money in bank accounts, CDs, rare coin collections, even timeshares. As long as the total value of property to be exempted is less than $20,825, the debtor should be allowed to keep said property through bankruptcy.


Does depreciation reduce the personal property tax?

Depreciation can reduce the assessed value of personal property and thereby reduce the personal property tax, if the tax rate stays the same. Most states have a minimum rate in their depreciation tables where the depreciated value of the personal property will remain as long as you still own the property. Ask your local personal property assessor about depreciation tables as they also vary by type of personal property.


You have file personal chapter 7 bankruptcy in Dec 09 and due to receive a settlement check for a diminished value automobile claim from March of 2007. Does the Trustee get to keep the proceeds?

Unless you claimed the proceeds as exempt when you filed, the trustee gets the money.


Does chapter 7 bankruptcy exempt whole life policies cash value?

This is a great question, but the answer really depends on your state's law. Your state laws define the exemptions that a debtor may use in a bankruptcy.Generally, the cash value of a whole life policy is considered exempt. What is determined by state law is whether your last year's contributions are exempt or not. Some states will require you to pay out of the cash value any amount you paid in during the last 12 months. Other states may have a wild-card exemption which would permit you to exempt those payments regardless of their nature. Bankruptcy is a complex area; you should contact a bankruptcy attorney in your area to discuss this further.