If there is a loan for the vehicle it must be paid off before the lender will release the title. The bankruptcy exemption status does not confer ownership of the vehicle to the BK petitioner unless the vehicle was already owned free and clear. It simply indicates that the car was not subject to BK procedure.
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.
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 both persons were sued and a judgment awarded but only the husband filed bankruptcy and included the debt; the judgment can still be executed against any non-exempt property belonging to the wife and perhaps jointly owned property as well. The legal presumption is that the debt is still owed because it was jointly incurred.
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
Generally, Home Equity up to $150,000 is exempt from a bankruptcy if the property is HOME STEADED.
In Chapter 7 bankruptcy, you ask the bankruptcy court to discharge most of the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection.
A worker's comp settlement is exempt from bankruptcy in PA. When you file for bankruptcy, you will lose anything that you owe money on.
Generally, these are exempt assets and they remain yours, preumably to take with you.
the word homestead exempt applies to bankruptcy or judgments and your home is exempt
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.
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.
I don't really understand your term "frozen pension." Was it not exempt from the bankruptcy proceedings? Or was it held until a ruling was made and then released when the bankruptcy was discharged?
You can't "exempt" anything.
Per changes to the statute last year, the tax credit is exempt from seizure by the 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)
Sometimes, parts of a living trust can be exempt from bankruptcy such as exemptions for a homestead, but even that isn't always the case. How a living trust is treated in a bankruptcy varies depending on how the laws of the state treat this type of trust as a whole. Typically though, living trusts are not fully exempt from bankruptcy.
Generally, but the extent to which funds will be exempt depends on your jurisdiction. Check your local state bankruptcy exemptions.
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
Property exempt from lawsuit judgment is the same that is allowed in bankruptcy. Unfortunately, Ohio law gives the consumer very poor protection from judgment creditors. Basics: Homestead exemption $5,000. Private disability benefits, $600 (monthly) Personal property not to exceed a combined total of $2000. "Wild Card" any property not to exceed the amount of $400. Federal non bankruptcy exemptions are applicable (such as Social Security, pension benefits, etc.
The way or origin of how you got it is unimportant. What it is carries. A gift of your dinning room table or work tools are exempt - because these things are exempt. A gift of your boat, vacation house, lear jet, still wouldn't be.
Is VA Disability income exempt from bankruptcy income claim?
The answer to this depends on the type of bankruptcy you are filing. For chapter 7 Bankruptcy, the process takes about four to six months, with filing and administrative fees, and one trip to the courthouse. Other things that you must do include: Filling out a two-page petition and other forms (describing your property, income, monthly living expenses, debts, exempt property, property owned and money spent in the previous 2 years, and property given away in the previous 2 years and Filing the petition/forms with the bankruptcy court in your area.