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What does it mean in a chapter 7 Ohio bankruptcy when your vehicles are marked as redeem the property and also marked as non exempt?
Wiki User
∙ 15y ago
It means that you failed to properly exempt the vehicles or their value is in excess of the exemptions available, hence "non-exempt." To keep the vehicles, you must "buy" them from the trustee at an agreed-on price, which means "redeeming" the property from the bankruptcy estate.
If you filed without a lawyer, you probably failed to take the exemptions, which is the most common mistake made by do-it-yourselfers. You may be able to amend your Schedule C to take the appropriate exemptions.
You are only entitled to one vehicle exemption per person. Other vehicles need to be sold or redeemed.
Wiki User
∙ 15y ago
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When you go bankruptcy do you have to put up your house for collatoral?
In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
Is it possible to exempt a tax refund in chapter 7 bankruptcy?
You can't "exempt" anything.
Are annuities exempt in chapter 7 bankruptcy in Florida?
yes
When filing bankruptcy chapter 7 will they come after your 401k?
No. Never. It is exempt and protected.
Is your social security retirement income exempt for chapter 7 bankruptcy?
yes
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 you file chapter 7?
Anyone who is seriously struggling with debt can file for chapter 7 bankruptcy and it is up to the court to determine whether or not you will be eligible. Chapter 7 bankruptcy is usually best for people who:* Have no steady stream of income* Have a lot of exempt property* Cannot keep up with a strict payment plan
Are series ee savings bonds exempt when filing chaper 7 bankruptcy?
As they are issued by the government, yes, the are exempt from Chapter 7.
Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
How much property can a person keep if you file a Chapter 13?
In a Chapter 13 Petition in Bankruptcy, you are allowed to keep all of your property. This is because in a Chapter 13 Petition in Bankruptcy, your Chapter 13 Plan Payment to the Trustee partially depends on the amount of non-exempt assets you own. In other words, although you get to keep all property, the more non-exempt property you own at the time of your filing, the larger repayment percentage you would owe towards your unsecured creditors. I hope that helps. Michael A. Fakhoury, Esq.
