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Yes, even though BK trustees are in general, reluctant to seize a vehicle, if the state or federal exemption does not protect it, it can be subjected to a forced sale.

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โˆ™ 2005-10-02 03:08:50
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Q: If you file chapter 7 bankruptcy and your truck is worth about two thousand dollars more than the property limit can they take your truck which is already paid for?
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Related questions

Does bankruptcy attorney keep rental property income?

The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.


What is filing chapter 7 bankruptcy?

Chapter 7 is called Liquidation Under the Bankruptcy Code and is the chapter of the Bankruptcy Code providing for "liquidation,", the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.


What is the different between a chapter 7 and chapter 13 bankruptcy?

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.


How soon after Chapter 7 bankruptcy can you have property given to you?

I think chapter 7 bankruptcy at least take 5 to 6 years to clear the bankruptcy so its automatically remain on your name for those years.You will get your property only after this case is complete.


Can you place a lien on a persons property who is in chapter 7 bankruptcy?

No, unless you get relief from stay from the bankruptcy court.


What are the exemptions for Chapter 7 bankruptcy?

The exemptions for Chapter 7 bankruptcy are that exemptions help to determine which property one gets to keep. There are some exemption schemes one can use to stay out of bankruptcy.


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 keep an inheritance property if I declare bankruptcy?

When filing chapter 7 bankruptcy there are statutory limits on inherited property. If the value of your property falls below those limits you may keep it. If it is over the limit you will likely lose the property to the trustees. Another option is to file Chapter 13 and you will be able to keep the property.


Is a workers compensation settlement exempt under chapter 7 bankruptcy in Connecticut?

In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time it might also sell (liquidate) some of your property to pay your creditors. Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code.


Can a person file Chapter 7 bankruptcy if their spouse already has?

Yes, you can.


After a Chapter 7 bankruptcy can a previous lender attach a lien to a new property purchased?

Not if the debt was officially discharged in the bankruptcy.


Can you keep your car when you file a chapter 7 bankruptcy?

In the event of chapter 7 bankruptcy, you may retain possession of secured property only in the event you reaffirm with the lender. In the event no reaffirmation is signed for each piece of property, the property that has not been reaffirmed must be returned to the lender. If non-reaffirmed property is not returned to the lien holder (lender), that party may seek or continue with repossession of that property and any unpaid balance that is not forgiven by the chapter 7 once the bankruptcy is dismissed or discharged and the stay is lifted.


Can someone have more than one property in chapter 7 bankruptcy?

Yes.


Is there a way to keep property when a chapter 13 is converted to a chapter 7?

No. If it is not covered by the allowed bankruptcy exemptions then it is subject to seizure and sale or liquidation. The filer always has the option to have the bankruptcy dismissed,


If a spouse files for bankruptcy will assets such as property that are in the name of the of the other spouse only be seized?

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.


Is there a period of time after filing for bankruptcy you should wait for income that isn't affected?

In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.


What happens when you file Chapter 7?

A Chapter 7 bankruptcy proceeding is started by filing a petition with the bankruptcy court. The person filing a Chapter 7 is referred to as the "debtor." The debtor is necessary to disclose to the court all of its property and debts and turn over all nonexempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors. The debtor then obtain a discharge of all dischargeable debts.


If in a chapter 13 bankruptcy and money is owed on taxes can that debt be added to the bankruptcy?

Yes. In fact, if they're preexisting the taxes should be there already; they're usually considered a "priority" claim. (You can add later taxes, such as property taxes billed after filing, to a Chapter 13 case as well.)


What are the advantages of chapter 7 versus chapter 13 bankruptcy?

There are a few advantages to Chapter 7 bankruptcy versus Chapter 13 bankruptcy. For one, Chapter 7 is usually a quicker process than Chapter 13, with typical cases lasting only a few months. In addition, with Chapter 7 bankruptcy most, if not all, of one's unsecured debt such as credit cards and personal loans is eliminated whereas Chapter 13 requires it all to be paid back. Lastly, most Chapter 7 filers keep most, if not all, of their property.


What does Chapter 13 bankruptcy law do?

The Chapter 13 bankruptcy law allows a debtor to keep their property and pay their debt over time, usually over a period of between three to five years.


What is the average fee on chapter 13 bankruptcy from a lawyer?

Typically, The average fee on chapter 13 bankruptcy from a lawyer is around two thousand five hundred dollars. However, the average fee can vary from lawyer to lawyer.


Can a wife deed a half interest of her solely owned real property to her spouse without the approval of the chapter 13 bankruptcy trustee?

No. All transfers, sale, purchase of property or any major financial transaction must have the consent of the trustee in charge of the chapter 13 bankruptcy. The state of residency is not relevant, nor whether it is a federal or state bankruptcy.


In Pennsylvania does the participant in a chapter 13 need permission from the bankruptcy court to refinance property?

Yes, permission from the bankruptcy trustee/court is needed for any major financial transaction while participating in a chapter 13.


Chapter 7 discharged bankrupcya cousin is now trying to take you to court for money that you borrowed a year before you filed for bankruptcy are you protected under the bankruptcy?

If you included it in your bankruptcy, you're protected by the discharge. If you didn't and you're already discharged from Chapter 7, you may not be protected. I suggest you discuss this with your bankruptcy lawyer.


If you have already filed chapter 7 and it was discharged can you file chapter 7 bankruptcy again?

Yes, you can file a new chapter 7 after 8 years from the date of filing the previous chapter 7.