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What does the value of claimed exemption mean in a chapter 7 bankruptcy?
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Will you lose your car in Chapter 7 bankruptcy if car is paid for?
If you own your car then you'll be able to keep it if its value falls under your state's vehicle exemption amount. The state exemptions vary widely and some use the federal exemption. The federal bankruptcy exemptions allow you to exempt up to $3,675 of equity in your car.
Can you convert from a chapter 13 bankruptcy to a chapter 7 bankruptcy and keep your home and car?
Yes, depending on your situation. You should contact an attorney to discuss how it will effect you. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
If you have a large balloon payment due in 2 months and 110k worth of credit card debt will you lose the house when you declare bankruptcy?
that depends. a couple things you'd need to consider are whether all of your debt is unsecured (credit card debt, generally) or whether you also have secured debt (mortgage, car) - this, and your goals in filing bankruptcy, will affect which chapter you file in. another large consideration is what type of exemption your state has for homes. it may be that you are unable to exempt your home because it is worth more than the allowed exemption. in a chapter 7, you'd sell it and keep the value of the exemption. in a chapter 13, you could pay off the difference in value during the length of the plan. chapter 7 is generally known as the discharge chapter, meaning if your debts are unsecured, they will be eliminated. chapter 13 is the repayment chapter, which allows to pay back only a portion of your unsecured debts and maintain payments on secured debts. short answer is, talk to an attorney.
What schedules do you need to file under chapter 7 bancruptcy law to exempt a property?
One normally files a Schedule C as a part of their bankruptcy petition. Schedule C lists the various items of property found on Schedules A and B with the State (or Federal) Code Section next to each piece of property which exempts (i.e. protects) that type of property and the amount of the exemption used to protect that particular piece of property. So, a Schedule C might look something like this (very roughly): "SCHEDULE C: Real estate listed on Schedule A: (1) House at 123 Main St, USA Value: $5,000.00 Exemption Code Section: Indiana Code Sec. 1-2-3-4 Value of Claimed Exemption: $5,000.00 Personal property listed on Schedule B: (1) Furniture Value: $500.00 Exemption Code Section: Indiana Code 1-2-3-5 Value of Claimed Exemption: $500.00 (2) Clothing Value: $100.00 Exemption Code Section: Indiana Code 1-2-3-6 Value of Claimed Exemption: $100.00 etc etc" 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. RossLawOffice.com
Can you keep your car?
If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.
If you file bankruptcy in one state and own a home in another state may you keep it?
The answer depends on the type of bankruptcy you file and the value of your home. In Chapter 7 bankruptcy, you may be required to sell the home unless it falls within certain exemption limits. In Chapter 13 bankruptcy, you can typically keep your home and create a repayment plan to catch up on missed mortgage payments. It's best to consult with a bankruptcy attorney to understand your specific situation.
Can you lose your house if you file for a chapter 7?
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.
Can a house you own that you owe no payments on be placed under bankruptcy?
Sure, and is subject to seizure if the value is higher than your states real property exemption
What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
You have file personal chapter 7 bankruptcy in Dec 09 and due to receive a settlement check for a diminished value automobile claim from March of 2007. Does the Trustee get to keep the proceeds?
Unless you claimed the proceeds as exempt when you filed, the trustee gets the money.
How To Learn More About Bankruptcy Exemptions?
Consumers who are contemplating bankruptcy may be worried that one of the effects of the bankruptcy order would be to divest them of all of their assets. This is not the case, however, as state and federal law has specified that certain assets are to be seen as exempt from the bankruptcy process. There are basically two different types of exemptions - and here exemption means that the assets cannot be taken by the debtor’s bankruptcy trustee and sold to raise money to pay off creditors - and these are complete exemptions and partial exemptions. Complete exemption is where the asset would not form part of the bankruptcy at all - family portraits in Alabama, for instance, are completely exempt from bankruptcy proceedings - and partial exemption is where an asset is protected up to a certain value. An example of partial exemption would be the state of Vermont’s homestead exemption law where the first $75,000 of the value of a debtor’s house would be exempt from the bankruptcy process. In most states, furthermore, there is also a third type of exemption: the wild card, and this constitutes a certain value that can be used to protect a portion - or all - of the value of almost any asset. Each state has its own specific laws, which set out exactly what items are exempt in that particular state. Although it may have, in the past, been difficult to obtain information about a particular state’s exemptions, these days it is exceptionally easy to do so, and a simple Google search for name-of-state bankruptcy exemptions will pull up hundreds of helpful sites. Further information about state-specific exemptions can also be obtained from bankruptcy lawyers, and, although a consumer’s instinct may be to protect his assets by not listing them on his bankruptcy schedule, this isn’t the way to go. Assets should, instead, be listed in full, and all allowable exemptions should be claimed to the full extent of the law. The present bankruptcy process is not about taking away a debtor’s assets but rather about helping him clear his past debts while providing him with a sound basis for the future.
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.
