What would you like to do?

What property can be exempted from a bankruptcy proceeding?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

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 debtor 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.
Thanks for the feedback!

What do you do with property that has been unclaimed in a bankruptcy?

It depends.   Depending on the interest of the Trustee in Bankruptcy, and whether or not they have abandoned the property, will determine whether or not the debtor in Ba

Is inheritance exempt in Bankruptcy?

No, the BK Trustee is to be notified of any inheritance received within 6 months of filing BK (even if you have already had your BK case discharged and closed). Short answer-

Are property taxes discharged with bankruptcy?

Property taxes are not in your records so you dont have to worry about them, if your home goes to foreclosure and bank that owns the house will have to pay those taxes if thy

What property is exempt from a judgment creditor in Pennsylvania?

  Answer     PA. is one of the very few states that does not allow wage garnishment for creditor debt. It does however allow bank account levies, although married

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

Are there any personal exemptions of property in a bankruptcy action?

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 o

If the state bankruptcy law does not specify the exempt properties can you presume that it is limitless or should you go by the federal law?

There are no "limitless" exemptions.There are states that have unlimited Homestead exemptions, thereby giving total protection to a primary residence.When searching state BK

Can you file bankruptcy on multiple properties?

  You file bankruptcy...not the property. You do not file it on a debt, or an anything. You do not say, that thing that isn't worth anything is bankrupt and I want the c

Is the earned income credit exempt from bankruptcy in Indiana?

  There seems to be some discretion on this applied by the Trustee. along with when you filed being relevant (if you filed in January, virtually none of the EIC was yet ea

Can you sell property before you file bankruptcy?

Yes but the trustee can seek to include the money received in your estate. If you have sold it to family or friends to avoid losing it in bankruptcy, the trustee can have the

What is the Florida bankruptcy exemption for tools of trade?

  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

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 t

Is life Insurance policy exempt from bankruptcy?

This depends on your state's laws. If it is not exempt, you can make a good argument to only include your "surrender value" not "cash value". == ans= Yes. absolutely. Bankrupt