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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.
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Can bankruptcy be filed on partially own property?
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.
Can I keep an inheritance property if I declare bankruptcy?
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.
Can you include past due lot rent in a bankruptcy?
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.
What do you do with property that has been unclaimed in a bankruptcy?
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.
Can you sell property before filing bankruptcy?
Yes but the trustee can seek to include the money received in your estate. If you have sold it to family or friends to avoid losing it in bankruptcy, the trustee can have the sale reversed.
Is there a time limit to reopen a chapter 7 bankruptcy?
No, there is currently no time limit to reopen a chapter 7 bankruptcy filing. However, it will be up to the bankruptcy court if the case is reopened.
How will bankruptcy affect the sale of real estate property?
No property can be sold, transferred, refinanced, etc. while in bankruptcy without the permission of the bankruptcy court.
What is the law for the time limit given for discharge on chapter 7 bankruptcy?
What is the law for the time limit given for discharge on chapter 7 bankruptcy?
Can you include your home in a bankruptcy after the bankruptcy has already been discharged?
No.
Can you sell property after filing bankruptcy?
You are not supposed to sell any property after you file bankruptcy. Those assets can be used to pay your creditors.
Qualifications for bankruptcy?
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.
If your husband files for bankruptcy does it include you also?
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.
