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The debtor surrenders his nonexempt property for division among his creditors?
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∙ 12y ago
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∙ 12y ago
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Can you stop a creditor from freezing funds in a joint checking account that includes the paychecks of your spouse who is not involved in the debt?
Yes. Creditors cannot seize bank accounts except by due legal process. Which entails filing a lawsuit, winning a judgment, executing the judgment against the debtor's nonexempt property. The defendant is given an opportunity to claim exempted property before the judgment is rendered. A summons should never be ignored. Not appearing to defend a suit results in automatic default for the defendant.
Can creditors go after an ex-spouse if his or her name is not on a credit or mortgage account?
In non-community property states, creditors can only go after the person(s) who signed on the account to be responsible. So, normally creditors may NOT go after ex-spouses (or even current spouses) for debts which belong exclusively to the other spouse. However, this may not be true in community property states (I don't know a whole lot about community property state law). Fortunately, there aren't very many community property states. The community property states/territories are: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington, and Wisconsin. However, even in non-community property states, there may be ways around the general rule that creditors cannot pursue spouses. For example, many states have fraudulent conveyance statutes, that say that if a person who owes money conveys property to another person for the purpose of protecting that property from creditors, the creditor may still be able to go after the property, and potentially even the person who received the property, for collection purposes. So, while creditors in non-community property states cannot pursue an ex-spouse, they may have some recourse if the person who is liable on the account transferred real estate or other property to the ex-spouse for the purpose of shielding that property from creditors. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
How much do you have to pay back on chapter 13?
How Much Do You Pay in Chapter 13?From the Nolo.com Debt & Bankruptcy CenterLearn which debts you must pay back when you file for Chapter 13 bankruptcy.The total amount you will have to repay your creditors over the length of a Chapter 13 case depends on a number of factors, including the type of debts you owe and the philosophy of the bankruptcy judges in your area. You can get a rough idea by following these steps.1. Add up the total value of your "nonexempt" property.Each state has laws that determine which items of property are exempt in bankruptcy, and in what amounts. For instance, many states exempt health aids, "personal effects" (things such as electric shavers, hair dryers and toothbrushes), ordinary household furniture and clothing without regard to their value.Other kinds of property are exempt up to a limit. For example, in many states, furniture or a car is exempt to several thousands of dollars. This exemption limit means that any equity in the property above the limit isn't exempt. (Equity is the market value minus how much you still owe.)Generally, the following items are exempt:motor vehicles, to about $2,000reasonably necessary clothing (no fur coats)reasonably necessary household goods and furnishingshousehold appliancesjewelry, to a few hundred dollarspersonal effectslife insurance (cash or loan value or proceeds), to about $4,000part of the equity in a residence (the amount varies from state to state)pensionspublic benefitstools of a trade or profession, to a certain value, andunpaid but earned wages.In a Chapter 13 case, your unsecured creditors must receive at least the value of your nonexempt property, so you will have to pay your unsecured creditors at least this amount. But this amount is the minimum, by law, that you must pay. The court will require you to pay more if:Any of your unsecured debts are "priority debts" -- such as back taxes or child support -- which must be repaid in full.If you have little nonexempt property and propose paying back only a small portion or your unsecured debts, those creditors might object to your plan. In some parts of the country, bankruptcy courts may approve Chapter 13 plans in which unsecured creditors receive nothing. In other areas, courts rarely approve Chapter 13 plans unless unsecured creditors receive 100% of what they are owed. Most courts fall somewhere in between.
What does a credit card judgment mean?
The creditor has won a lawsuit judgment against the debtor(s) and can execute the judgment against any nonexempt property belonging to the debtor(s). The preferred method of judgment execution is wage garnishment followed by bank account levy, or seizure and sale of nonexempt property or a lien against real property. North Carolina, South Carolina, Pennsylvania and Texas do not allow wage garnishment for creditor debt. The exception is Texas where the court can grant wage garnishment if the debtor has no other property for which the judgment can be executed against. Married couples living in community property states are both usually responsible for debts incurred during the marriage regardless of which spouse is the account holder or borrower.
Is your mother responsible for your late father's credit card debt if it was in his name only?
Only if they resided in one of the community property states. If that isn't the case, the debts along with the estate (nonexempt assets) will be subject to probate.
What chapter proceeding the debtor surrenders his nonexempt property for division among his creditors?
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
Whether gifts comes under exempt or nonexempt property in bankruptcy law?
Gifts are typically considered nonexempt property in bankruptcy law. Nonexempt property is subject to being liquidated or sold to repay creditors in a bankruptcy case. However, there may be certain exemptions or limitations depending on the specific bankruptcy laws of the jurisdiction and the value or nature of the gift. It is best to consult with a bankruptcy attorney to understand how gifts may be treated in your specific situation.
Can creditors put a lien on property not in your name?
If the property was fraudulently conveyed to avoid creditors the court can approve a lien against it in spite of the transfer.If the property was fraudulently conveyed to avoid creditors the court can approve a lien against it in spite of the transfer.If the property was fraudulently conveyed to avoid creditors the court can approve a lien against it in spite of the transfer.If the property was fraudulently conveyed to avoid creditors the court can approve a lien against it in spite of the transfer.
Can the executor of the estate sell the heirs property?
In most cases the executor of a will by law has to liquidate all nonexempt assets to pay creditors. State probate laws determine which property can be sold to pay the deceased's debts. If it is thought an executor is mishandling an estate, the concerned party should seek legal counsel.
What property is 33 divided by 1?
33 divided by 1 is a division problem: it is not a property.33 divided by 1 is a division problem: it is not a property.33 divided by 1 is a division problem: it is not a property.33 divided by 1 is a division problem: it is not a property.
Does the associative property apply to division?
there is not division for the associative property
Can you use the Associative Property with subtraction and division?
No you can not use subtraction or division in the associative property.
If your mother dies and leaves no estate are her children responsible for paying her creditors?
A decedent's estate is responsible for payment of the debts. If there is any property in the estate, the debts must be paid before any property can be distributed to the heirs. If there is no property the creditors are out of luck.
Can a lien be recorded against a property in a trust?
If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.If the lien is related to a debt incurred by the trust, yes.If the trust was properly drafted the property should be safe from the creditors of the beneficiaries. If it was not properly drafted the property remains vulnerable to creditors. That's why trusts should only be drafted by attorneys who specialize in trust law.
Can a lien be placed on a house from a bank debt from a tenant?
No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.
Can property owned by a couple be protected from creditors liens by signing a quitclaim deed to one spouse Illinois?
You must seek the advice of an attorney before executing any deeds. You may already have some protection from creditors if you own the property as tenants-by-the-entirety. By executing a deed you may leave the property more vulnerable to liens that have been recorded. There are prohibitions against conveying property to avoid creditors.
Is distributive property a multiplication or division word?
multiplication: the opposite (division) property is factoring
