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How do you get value of personal property for filing bankruptcy For Schedule B such as couch chairs washer dryer it asks for value is that determined by purchase price or what it could sell for?
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∙ 14y ago
What it could realisitically sell for
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∙ 14y ago
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When filing Chapter 7 bankruptcy should a car that is not paid off be included on the schedule of personal property?
no
What is the property limit you can include on a bankruptcy?
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.
What property can you keep if you declare bankruptcy in Oklahoma?
That'll be determined by the courts.
Does homeowners insurance cover loss of personal property?
If you scheduled your personal property on your Homeowners Insurance Policy then it will cover. If you failed to schedule your personal property then it will not be covered.
Can they take your furniture or other personal property if you file bankruptcy?
yes, but if you are, than RUN!
Can bankruptcy be filed on partially own property?
The answer to this really depends on the nature of the property and how it is held (i.e. tenants in common, joint tenancy). You can file for bankruptcy for your personal debts. If the ownership debt is easily severable then it is likely that you would be able to file for bankruptcy and include the property as well.
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 or federal exemptions. Consult a local bankruptcy lawyer for specifics for your state.
How do you use an exemption in a bankruptcy?
Each State determines how much property a person who files bankruptcy in that State may keep. So, if the person filing bankruptcy has more property than the State says they can keep, the property over and above the maximum may be sold by the bankruptcy court and the money is given to creditors. This is for the sake of fairness: It is unfair to the credit card companies for someone to file bankruptcy with $10,000 in cash in the bank and get rid of $10,000 of credit cards when they could have just paid the cards off. Or, it is unfair for someone to get to keep a $30,000 RV and get rid of $10,000 in credit cards when they could have sold the RV and paid the credit cards off. So, generally you list all real estate you own on Schedule A of your bankruptcy petition, and you list all personal property you own on Schedule B of your petition. Then, on Schedule C you re-list those pieces of property and list the State exemption (or Federal exemption if applicable) which protects each piece of property. If a piece of property is not exempted on Schedule C, it may sold by the bankruptcy court in Chapter 7, or used to increase the amount of money that has to be paid into a Chapter 13 Plan. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
When filing bankruptcy which chapter eliminates all debt?
It depends. Most any of the types can, or may not. Some considerations are if your speaking of a business (Corporation) or personal bankruptcy, if the debts are secured or not, and how much of what type of assets there are and if any of them are to be maintained after the bankruptcy as determined by the Court and creditors. There is no personal bankruptcy where secured debts or other obligations such as child support arrearages. A chapter 7 is a total liquidation bankruptcy in which the debtor can discharge all debts that are not secured including judgments, liens that have not been "perfected", stop wage garnishment, etc. The petitioner will however be required to relinquish all non exempted property.
If you have an IRA can they take money from it when you go into bankruptcy?
IRA's are exempted personal property. Creditors can not touch this money to pay debths.
What if assets are primarily personal property?
All states have a set of exemptions that can be used by the debtor to protect specific types and amounts of real and personal property in a bankruptcy or lawsuit action. Creditors rarely use a lawsuit judgment to seize personal property such as household goods exempt or not, the process is just not worth the effort. The exception is if the property is collateral for the debt, for example a big screen TV bought on a merchant account such as Sears. In bankruptcy the decision is made by how the trustee chooses to determine the status of such property under the state and/or federal exemptions.
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 Bankruptcy will be permitted to take the property if the creditor has abandoned the property. Bottom line is that it depends on the facts, contact your Bankruptcy attorney or a reputable Bankruptcy attorney to get more information.
