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Can assets be protected from a personal injury judgment by filing bankruptcy?
Wiki User
∙ 14y ago
Yes. Consult a knowledgeable bankruptcy attorney.
Wiki User
∙ 14y ago
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What assets are protected against a judgment in a wrongful death civil suit?
Each state has different laws on what assets can be protected from judgment creditors.
Are assets in a 401k protected if you file bankruptcy?
Yes.
Can you sell personal property when filing bankruptcy?
When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are placed in exemption are permitted to be sold, but the trustee should be notified prior to the sale.
Would our judgment awarded by courts prior to defendants chapter 13 bankruptcy take precedent to the assets before the assets are taken in the bankruptcy?
No.
If a small business has a lawsuit or judgment against them can they take your personal assets such your house car and other monthly incomes not associated with the business?
If you operate as a soleproprietor then yes your personal assets can be used to satisfy the judgement. If on the other hand you operate as a corporation or a LLC then your personal assets are protected.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Are assets in a self directed IRA protected from creditors or bankruptcy?
Yes Yes
Would assets in an inherited ira be protected from creditors in a chapter 7 bankruptcy?
No the IRA would no longer be protected having been inherited.
If you file a bankruptcy will your holdings in another country be protected?
In a US bankruptcy, you will have to turn over all property of the estate. Out of country assets are property of this estate.
In New Jersey what assets are protected from a judgment?
Generally, in NJ, almost any assets can be used to satisfy a judgment. Some states provide for a "homestead exemption" which prevents a home (if the debtor lives there) from being taken by creditors, or at least prevents the owners from being evicted by the creditors, even if other assets are insufficient to cover the judgment. However, New Jersey has no such exemption. There is, however, an order that creditors must follow in going after a debtor's assets. First, they have to go after cash, then personal property. If both of those are insufficient to cover the judgment, then they can go after real property. NJ does, however, provide for an exemption of up to $1,000 in personal property.
If a judgment is obtained can bankruptcy be filed?
Yes...whether the judgment will be discharged or paid in BK....which MUST include ALL your debts AND ALL your assets, no picking and chosing..is another story.
If you file a bankruptcy petition does that change the status of a debt on a judgment to the creditor?
A judgment is final and does not change. The creditor was awarded and filing bankruptcy is a different issue. Also state laws vary. A petition in bankruptcy lists the debtor's assets, liabilities, and debts so that a realistic arrangement for the payment of creditors can be devised.
