If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
The answer to this really depends on the nature of the property and how it is held (i.e. tenants in common, joint tenancy). You can file for bankruptcy for your personal debts. If the ownership debt is easily severable then it is likely that you would be able to file for bankruptcy and include the property as well.
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.
An individual may not include his/her rental agreement on the statement of intention while filing for bankruptcy. The statement of intention is not meant for real estate property like apartments. It is meant for personal property. Hence, only property like automobiles and other personal property may be included in it.
It depends. Depending on the interest of the Trustee in Bankruptcy, and whether or not they have abandoned the property, will determine whether or not the debtor in Bankruptcy will be permitted to take the property if the creditor has abandoned the property. Bottom line is that it depends on the facts, contact your Bankruptcy attorney or a reputable Bankruptcy attorney to get more information.
The answer to this depends on the type of bankruptcy you are filing. For chapter 7 Bankruptcy, the process takes about four to six months, with filing and administrative fees, and one trip to the courthouse. Other things that you must do include: Filling out a two-page petition and other forms (describing your property, income, monthly living expenses, debts, exempt property, property owned and money spent in the previous 2 years, and property given away in the previous 2 years and Filing the petition/forms with the bankruptcy court in your area.
This depends on two things. Are the debts joint and do you live in a community property state? If they are his debts alone and you do not live in a community property state you are not responsible. Therefore you do not need to be a part of bankruptcy proceedings. If however they are joint debts and/or you live in a community property state you are equally responsible for the debt(s). And it would be in both of your best interest to file a joint bankruptcy.
An illegal immigrant can file for bankruptcy in California. The federal bankruptcy code does not limit the filing of a bankruptcy to U.S. citizens or legal permanent residents. The bankruptcy code allows a debtor to be a "person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title."Whether it is advisable to file for bankruptcy, will depend on the particular circumstances of that individual.
You cannot sell your property during a bankruptcy proceeding. If a bona-fide offer is made to purchase the property a motion is filed for permission to sell. If allowed, an order is issued by the court that frees the property from the bankruptcy so it may be sold free and clear of your bankruptcy by the trustee. The proceeds from the sale will then be controlled by the trustee in bankruptcy.
No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.No. The title to the property is encumbered by the bankruptcy. You would need the court to release the property in order for you to be able to sell it. You should discuss it with your attorney.
Thank you for passing your property to my son. Since I do not have a son, I guess it remains in limbo. If your son paid you the value (equity) of your home, you will have to disclose the transfer, but it will have no effect on your bankruptcy. If you gave the property to your son for free, and there was equity in the property, probably two years, if you gave the property knowing you were insolvent and intending to deprive your bankruptcy estate of the asset. It would have been better to discuss this with a bankruptcy lawyer before passing the property, as you might have been able to exempt the property in the filing.
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.
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
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.
There were substantial changes made to qualifications for bankruptcy in 2005. To qualify for bankruptcy you must meet a number of different requirements which vary greatly depending on the type of bankruptcy the individual or corporation is attempting to file for. Factors that are taken into consideration include current occupation and salary, monetary amount of debt, property owned, etc. The attached article lists for specifics per type of bankruptcy.
No, you are not. When someone files bankruptcy the title to their property is held by the trustee in bankruptcy. The bankrupt cannot sell any property therefore, if they do, the title is not clear. You may lose the property to the creditors if someone tracks it down. You would then be out of the property and any money you paid for it.
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