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What is considered bankruptcy exempt property If you are a trustee of a realty trust is that property considered your asset?
Wiki User
∙ 14y ago
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 trust 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.
Wiki User
∙ 14y ago
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After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
Will a bankruptcy trustee take rental income on exempt property after a chapter 7 is filed?
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 tenant 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.
What is a bankruptcy trustee?
The court appointed person (usually another lawyer) that takes all non-exempt property from the debtor, liquidates the property, and pays the creditors (according to a specific formula)
Will the trustee take the remainder of a settlement after you pay off bankruptcy?
The Trustee keeps anything that is not exempt. If your settlement is part of the bk, and is not exempt, it will be used to pay off your creditors.
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
Bankruptcy 341 hearing?
341 is the section of the bankruptcy code that provides for a meeting of creditors. Though creditors is the name of the meeting, it is rare creditors show for the meeting. Really what this meeting is a meeting with the bankruptcy trustee assigned to your case. The trustee reviews your papers and would liquidate any property that is not exempt. Typically, most people don't have any non-exempt assets and the case is a no asset case. The trustee at the 341 meeting asks questions to see if the debtor has any assets he would be interested in, that the debtor is telling the truth and the papers are done correctly. The trustee, if satisfied, will file a report with the judge who then signs off on the debtor's bankruptcy discharge.
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.
Do you get to keep to keep your property if you file bankruptcy?
You get to keep any property that you can exempt, which may depend on state laws. Some states let you choose between the federal exemptions or the state exemptions. Any property worth more than the exemption has to be redeemed (the trustee is paid the difference between the value of the property and the exemption) or given to the trustee. (Technically, the trustee owns everything in a chapter 7 until the 341 meeting or the first meeting of creditors.)
Can i withdrawl my 401k while in chapter 13 bankruptcy in Louisiana?
Bankruptcy is a federal procedure in a federal court. What state you are in is irrelevant except for exemptions. Your 401(k) balance is exempt by federal law, but once you withdraw money from it, that money is no longer exempt, and the trustee will want it to be applied to your plan. If you withdraw it and fail to disclose that to the trustee, you may find your bankruptcy in serious trouble. Don't do it.
Do you receive a check when filing bankruptcy?
Sorry, the question is confusing. In bankruptcy the filer reliquishes all non-exempt assets to the trustee, I have no idea of what type of "check" you could be referring to.
Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
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.
