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What else can I help you with?
May I keep my home if I file bankruptcy?
If it has some equity but not more than the exemption, and if you are current on your mortgage payments. It may also depend on your state homestead laws. Bankruptcy is a Federal Court action and has nothing to do with State Homestead Laws! Equity is irrelevant to whether you can keep your house. It may affect whether you want to reaffirm the mortgages or not. Bankruptcy law specifically allows states to require their exemptions. Most states require you to use state exemption laws, including state homestead exemptions. A handful of states allow you to choose federal or state exemption laws.
Is a living trust EXEMPT FROM BANKRUPTCY?
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.
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 laws, it should say if Federal, State or a combination apply. If there are no exemptions listed, more than likely only Federal BK laws/exemptions are applicable.
If you own your home are you homestead exempt?
A homestead exemption can be filed for a mobile home. Check with your town clerk for the procedure. Residential dwellings such as houses, condos, mobile homes are not considered personal property.Examples of personal property are: Household goods, electronics, clothing, jewelry, stocks, bonds, bank accounts and similar assets/items. Some US states have exemptions for such, consult the bankruptcy laws concerning your state of residence to find out what may apply. If the state does not have a set of exemptions then the federal bankruptcy exemptions apply during BK or a creditor judgment action. Please note: Allowable exemptions are based upon the actual ownership of the real or personal property in question. Joint ownership of any kind can change the judgment status of all property, especially when it relates to a married couple.
What are debtor's exemptions?
Every person that files for bankruptcy or has a judgment awarded against them in a lawsuit is entitled to certain property exemptions. Exemptions are determined by the state law where the person resides. For homeowners the most important would be the homestead exemption which can be used to protect a home from a forced sale. Even if the home cannot be kept, the person can claim the maximum homestead amount allowable under state statutes.
Homestead exemption for bankruptcy in Illinois?
Under Illinois Bankruptcy laws, the homestead exemption includes farm lot & buildings, condominiums, personal property or cooperative. These homes can be owned or leased. They can be up to $15,000, including the proceeds of sale for one year.
Is it possible to have two homestead exemptions running concurrently?
You need to check your state laws. However, the general principal behind homestead exemptions is to protect the primary residence from siezure by creditors. If that is the case in your state you may create a problem for yourself by having homestead exemptions on two properties. A creditor could argue that your homestead covers the less valuable property and the court may allow the more valuable property to be siezed. Also, the recording of a new homestead may cancel out the existing one. You should seek the advice of an attorney in your jurisdiction who is an expert in real estate law.
If you cannot pay a judgment in a lawsuit what can the person not take of your real and personal property what of the debtors is protected?
That's decided by the exemption laws of the state in which the debtor resides. Some states have laws which cover almost everything a debtor might own including the primary residence. Other factors would be if the debtor is married, what property is held jointly and if the person resides in a community property state. The exemptions allowed in a lawsuit are the same as those used in bankruptcy, with there being additional federal non-bankruptcy exemptions applicable in some cases. The most important one for many debtors would be the homestead exemption, in some states it is automatically allowed under the state laws, in other states a homestead declaration must be on file with the county recorder's office for the home to be protected.
Are bankruptcy laws uniform across the United States?
The U.S. bankruptcy code is uniform across America, but requirements are often State dependent, meaning there can be different means tests used to determine your income based on the State you live in. States can also create their own exemptions and limit how their residents use federal exemptions. There are local rules in each district, and these can vary greatly from state to state. So, with that said, the Bankruptcy Laws are uniform, but how they are implemented can be different.
Which bankruptcy chapter was most affected by the change in bankruptcy laws in 2005?
The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.
How do you reply to a credit card summons?
If this is a reference to a summons received from the court that a lawsuit has been filed by a creditor or collector, it is best to obtain legal counsel. If that is not an option, the defendant should be certain they claim all property exemptions allowable under the laws of the state where they reside. If the defendant is a homeowner be certain the homestead exemption has been properly filed. In some states the homestead exemption is automatized under state statutes and does not need to be filed. State and/or federal bankruptcy exemptions also apply to lawsuit judgments for protecting a defendant's property from creditor attachment.
What are the Iowa bankruptcy laws?
Bankruptcy is ALWAYS a Federal Courts matter. All are covered under the same Federal Laws. There is a specific set of Federal bankruptcy Courts. The divisions are known by names of the areas they service like "Federal Bankruptcy Court of Western New York" or "FBC of Iowa". Like all District courts, their case history and certain holdings vary slightly, and some items (like real Vs personal property), generally are held to follow the definitions for the local area. There is much on this site about Federal bankruptcy laws. Iowa opted out of federal bankruptcy the state's BK exemption laws apply. Many bankruptcy laws vary from state to state and debtor to debtor. See link for a listing of BK exemptions for the state. See discussion page for some additional explanation. Elections avail to Iowa residents filing in that Federal circuit: Eighth Circuit Court of Appeals Iowa Northern District Court Iowa Southern District Court Exemptions: A debtor is generally permitted an exemption of certain personal or real property in the enforcement of a judgment against him or in a bankruptcy proceeding under state laws or federal laws. Under the laws of Iowa, the homestead of every person is generally exempt from judicial sale. (Iowa Code Section 561.16.) Other general exemptions may include wearing apparel of the debtor and his dependents, household furniture and furnishings, automobile, burying ground, cash value in life insurance polices, pension, and public benefits. Each of the prescribed exemptions may be limited to certain amount in value. (Iowa Code Sections 627.1 et seq.) In a bankruptcy proceeding, although the federal statute permits election of exemptions provided under state laws or federal laws, the State of Iowa specifically precludes such election. (Iowa Code Section 627.10.) This means that a resident of Iowa may only claim exemption of such property and to the extent as permitted under Sections 627.1 et seq. of the Iowa Code even if the exemption provided under the federal Bankruptcy Code may be more beneficial to the debtor.
