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Will a bankruptcy trustee take rental income on exempt property after a chapter 7 is filed?
Wiki User
∙ 11y ago
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.
Wiki User
∙ 11y 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.
Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?
No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee
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.
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.
Can you file parking tickets under a chapter 7 bankruptcy?
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
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.
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)
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.)
How much property can a person keep if you file a Chapter 13?
In a Chapter 13 Petition in Bankruptcy, you are allowed to keep all of your property. This is because in a Chapter 13 Petition in Bankruptcy, your Chapter 13 Plan Payment to the Trustee partially depends on the amount of non-exempt assets you own. In other words, although you get to keep all property, the more non-exempt property you own at the time of your filing, the larger repayment percentage you would owe towards your unsecured creditors. I hope that helps. Michael A. Fakhoury, Esq.
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.
What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
Can you keep your property if you file chapter 7?
If it is exempt, then yes you can keep it. Anything over the exemption amount belongs to the trustee to pay off creditors.
