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What are the debtor's exemptions in North Carolina?
The same as are allowed in bankruptcy.
What does it mean in bankruptcy if a state doesn't allow federal exemptions?
That means your state doesnt allow a debtor to use federal exemptions in order to keep items/property of a certain value. If your state doesnt allow federal exemptions, then the state will have their "own" BK exemptions.
If someone is sued for a second time and they only have there exemptions from the last lawsuit do they have to give up those exemptions in order to pay the debt?
No, the exemptions allowed are not subject to forfeiture. When a person is sued numerous times the same exemptions will apply in each lawsuit judgment. It would be in the best interest of the debtor to review their exemption status to be certain they are protecting all personal and real property that is allowed according to their state laws. There are also federal non-bankruptcy exemptions that can be used by the debtor if they are applicable to the individual's situation.
What can you own when you go bankrupt?
If filing a federal bankruptcy, federal BK exemptions apply. If filing a state bankruptcy, the state's exemptions apply. A few states allow the debtor to choose either state or federal filing whichever is the most beneficial to the debtor. Bankruptcy Action, http://www.bankruptcyaction.com
Where can you find the debtor's exemptions that protect your assets if you live in Florida?
Http://www.assetprotectionbook.com click on Florida in the "state resources" section of the menu.
If a credit card company won an arbitration against you do they have to file a lawsuit against you to enforce that arbitration?
No, but they do have to file for a judgment in the appropriate state court in the county where the defendant debtor resides. The debtor retains all his or her legal rights to personal and real property exemptions allowed by the laws of the state and if necessary and more advantageous to federal non bankruptcy exemptions.
With the new bankruptcy code passed which gave the debtor stiffer penalties is it likely that states will decrease exemptions too that effect debtors in lawsuits?
No, there is no indication that such legislation is pending in any states at this time. The reality is the new bankruptcy reform will affect a very small percentage of filers and those states which have opted out of the federal bankruptcy procedure are considering increasing exemptions rather than more penalties. Be that as it may, lawsuit exemptions will more than likely remain "as is" or any if any changes are made they will be in the best interest of the debtor rather than the creditor. A few state elected officials in all states have tried to have debtor exemptions repealed or amended on a consistent basis and have never been close to being successful.
What options do you have when an appeal court issues a default judgment against you in Michigan?
The only viable option is for the judgment debtor to protect as much personal and real property he or she owns. Exemptions for lawsuit judgments in Michigan are the same as those that are allowed in bankruptcy. It might also be possible for the judgment debtor to use non-bankruptcy federal exemptions such as SS benefits, government/military pension, etc.
Can your wages be garnished for credit card debt in Texas?
Texas does not allow wage garnishment. Texas is known as a debtor friendly state. This means the exemptions are so liberal the average debtor is judgment proof. You sound very upset..please e-mail me if you think I can be of further help.
If bankruptcy exemptions for the state of Kansas include food and fuel for a year can you exempt a tax refund needed to provide food and fuel for that year?
The actual refund will probably be required to be included in the filing. When all assets are totaled and exemptions deducted the amount determined to cover specified exemptions will be returned to the debtor. Which may end up being the same amount as the refund, however regular bankruptcy procedures must be followed.
With the new Bankruptcy Code passed which gave the debtor stiffer penalties is it likely that states will decrease exemptions too?
I feel this is highly unlikely. The credit card companies fought a long battle to get this legislation passed they got almost everything they wanted. It wouldn't make sense for them to then lobby each of the 50 states to lower their exemptions.
What legal action can be taken in the state of Texas for charge off debt?
The creditor/lender can file a lawsuit in the appropriate court of the debtor's state. If the creditor wins the suit a judgment will be entered against the debtor. A judgment can be executed against the debtor's nonexempt property/assets including jointly owned marital property and assets, as Texas is a CP state. The state does not allow wage garnishment for creditor judgments but it does allow bank levy, seizure and liquidation of nonexempt property and liens against real property (a forced sale of a primary residence is not allowed). The exemptions that are allowed in bankruptcy are the same ones available to the debtor when defending property against a judgment creditor. In addition, the debtor may be able to use federal non-bankruptcy exemptions to further protect personal and real property from creditor attachment.
